Belden, Inc., acquires 30 percent of the outstanding voting shares of Sheffield, Inc., on January 1, 2020, for $308,0 Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $820,000 at January 1, 202 and liability accounts showed carrying amounts considered equal to fair values, except for a copyright whose valu Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at goodwill resulted from Belden's share purchase. Sheffield reported net income of $188,000 in 2020 and $232,000 of net income during 2021. Dividends of $82,0 declared and paid in 2020 and 2021, respectively. Belden uses the equity method. a. On its 2021 comparative income statements, how much income would Belden report for 2020 and 2021 in con company's investment in Sheffield? b. If Belden sells its entire investment in Sheffield on January 1, 2022, for $400,000 cash, what is the impact on C. Assume that Belden sells inventory to Sheffield during 2020 and 2021 as follows: Year 2020 2021 Cost to Belden $38,280 32,940 Price to Sheffield $58,eee 61, eee Year-End Balance (at Transfer Price) $18,000 (sold in following year) 40,000 (sold in following year) c. Assume that Belden sells inventory to Sheffield during 2020 and 2021 as follows: Year 2020 2021 Cost to Belden $38,280 32,940 Price to Sheffield $58,000 61,000 Year-End Balance (at Transfer Price) $18,000 (sold in following year) 40,000 (sold in following year) Required: Determine the following amounts. $ a. $ 52,525 $ 65,7251 on sale of investment $ 65,791 $ Equity income 2020 Equity income 2021 Gain Equity income 2021 22,950 b. C