Homework: Chapter 15 Graded Homework Question 12, EF15-15 (similar to) HW Score: 29.9%, 29.9 of 100 points ev Points: 3.97 of 9 Save Part 1 of 6 you Suppose that on January 6, 2024, Northern Motors paid $480,000,000 for its 45% investment in Phase Motors. Northem has significant influence over Phase after the purchase. Assume Phase eamed net income of $10,000,000 and paid cash dividends of $50,000,000 to all outstanding stockholders during 2024 (Assume all outstanding stock is voting stock.) Read the requirements arked: Requirement 1. What method should Northern Motors use to account for the investment in Phase Motors? Give your reasoning method to account for its investment in Phase Motors because the investment Score Northern Motors should use the Ots: 515-1/bo E15-3.(5 15-31 CYUE15-16 TIF15-5(si 10 (sim 15-6 (sin -15 (simi 13. (simil