Ford bought 40% of Tesla's outstanding common stock on January 2, 2022, for $22,000,000. The carrying amount (ie: book value) of Tesla's net assets at the purchase date totaled $30,000,000. Fair values and carrying amounts (ie: book value) were the same for all items except for the manufacturing plant and inventory, for which fair values exceeded the carrying amounts by $9,000,000 and $1,000,000, respectively. The manufacturing plant has an 18-year remaining life. All inventory on hand at the beginning of the year was sold during 2022. During 2022, Tesla reported $2,500,000 net income and paid a $200,000 cash dividend. Required: 1. What amount should Ford report in its income statement related to its investment in Tesla for the year ended December 31, 2022? Show all your calculations. 2. What is the December 31, 2022, balance in Ford's Investment in Tesla account? Show all your calculations. 3. Assume that on January 2, 2022, when Ford acquired a 40% interest in Tesla, but determined it did not have significant influence, so accounted for the investment using the fair value option. If the fair value of Ford's investment in Tesla is $21,500,000 on December 31, 2022, what amount should Ford report in its 2022 income statement for this investment under the fair value option? Show all calculations.