Comet, Inc. acquires 15% of Flash Co, on January 1, 2019 for $73,500 and appropriately accounted for the investment using the fair-value method. On January 1, 2020, Comet purchased an additional 20% of Flash for $160,000, achieving the ability to exert significant influence over Flash. On that date, the fair value of Flash's common stock was $800,000 in total, Flash's January 1, 2020, book value equaled $620,000, although land was undervalued by $50,000. Any additional excess cost over fair value was attributable to an undervalued patent with a 5-year remaining life. During 2020, Flash reported net income of $140,000 and paid dividends of $35,000, Based on the above information, use the prospective approach to account for the change to the equity method and determine the following numbers. (a) The amount of annual excess amortization for 2020. Answer: (b) The amount of equity income that Comet should report for 2020 Answer: (b) The amount of equity income that Comet should report for 2020. Answer: (c) Compute the balance of Investment in Flash account at the end of 2020