Hope Conga y bought 30%of Faith Corporation n the begi ning of 2018 Hope's purchase price equaled 30% of the book value of Faith s net identti ble assets, which also equaled 30% of the fair value of Faith During 2018, Faith reported net income inthe amount or soooooo and declared and paid dvidends i, the amount ors5 0000 Hepe mistaken y accounted for the investment using the fair value through net income method instead of using the equity method What effect would this error have on the Investment account and net income, respectively, for 2018? Multiple Choice Overstated by $1.200,000, overstened by $1200,000 Understated by $1,050000, understated by $t050.000 Overststed by $1050,000, understated by $1050,000 Understared by $1,200,000, overstated by S1o50,000