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Haystack, Inc. owns Of the outstanding stock Of Hallmark, Inc. and accordingly uses the equity method to account for its investment. The stock was purchased on January 1, 2011 for $980,000. During the year ended December 31 , 2011, Hallmark, Inc. reported the following: Dividends declared and paid Net income s 400,000 Haystack, Inc. uses the FIFO method for costing its inventories, while Hallmark, Inc. uses the LIFO method to conform with other companies in its industry. Haystack, Inc. determines that if Hallmark, Inc. had used the FIFO method, its income would have been $350,000 higher during 2011. What is the balance in the Investment in Hallmark, Inc. that will be reported on Haystack, Inc.'s balance sheet at December 31, 2011 assuming Haystack, Inc. follows iGAAP for its external financial reporting? Haystack, Inc. owns Of the outstanding stock Of Hallmark, Inc. and accordingly uses the equity method to account for its investment. The stock was purchased on January 1 , 2011 for $980,000. During the year ended December 31, 2011 , Hallmark, Inc. reported the following: Dividends declared and paid Net income $ 400,000 2,400,000 Haystack, Inc. uses the FIFO method for costing its inventories, while Hallmark, Inc. uses the LIFO method to conform with Other companies in its industry. Haystack, Inc. determines that if Hallmark, Inc. had used the FIFO method, its income would have been $350,000 higher during 2011. What is the balance in the Investment in Hallmark, Inc. that will be reported on Haystack, Inc.'s balance sheet at December 31, 2011 assuming Haystack, Inc. follows U.S. GAAP for its external financial reporting? Ridge, Inc. follows iGAAP for its external financial reporting, and Cannon Company follows U.S. GAAP for its external financial reporting. During 2011, both companies changed depreciation methods, from double-declining balance to straight-line. Compared to double- declining balance, for Ridge, Inc. the change resulted in a decrease in reported depreciation expense Of $48,000, and for Cannon Company the change resulted in a reported decrease in depreciation expense Of $56,000. The remaining useful lives Of the assets impacted by the change in depreciation method is 10 years for both companies. How would this change impact the net income reported by Ridge, Inc. and Cannon Company for the year ended December 31 , 2011?