Black paid $300,000 for 20,000 (25%) of the outstanding shared of White Limited on January 1, Year-5. During Year-5, White paid dividends of $50,000 and reported other comprehensive income (OCI) of $20,000 and profit as follows: Profit before discontinued operations $350,000 Discontinued operations loss (net of tax) (30,000) Profit $320,000 Black's profit for Year-5 is calculated on $1,000,000 in sales, expenses of $ 150,000, income tax expenses of $375,000, and its investment income from White. Both companies have an income tax rate of 40% Required: Part A 1) Assume that Black is a public company, has significant influence over White and reports its investment using the equity method to account for this investment: a. Prepare all the journal entries necessary to account for Black's investment for Year-5. b. Determine the correct balance in Black's investment account at December 31, Year-5. c. Prepare an income statement for Black for Year-5