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* Your answer is incorrect. Assume instead that Larkspur is a private company and reports the investment using cost. Indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Cost Method Balance Sheet: Current Assets $ Income from Investment in Associate II Income Statement: $ e Textbook and Media Larkspur Inc., a public company, owns 20% of Dong Ltd's common shares for strategic purposes. The investment's carrying amount at January 1, 2021, is $297,600. During the year, Dong reported profit of $259,700 and paid a dividend of $17,800. The investment's fair value on December 31, 2021, Larkspur's year end, is $317,000. Your answer is partially correct. Assuming Larkspur has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Equity Method Balance Sheet: Total Current Assets $ 345980 Income from Investment in Associate Income Statement: 3560 Dividend Revenue e Textbook and Media