In early January 2017, Fast Food Inc., a private enterprise that applies ASPE, purchased 40% of the common shares of Delivery Corp. for $484,000. Fast Food was now able to exercise considerable influence in decisions made by Delivery's management. Delivery Corp.'s statement of financial position reported the following information at the date of acquisition: Assets not subject to being amortized $242,000 Assets subject to amortization (10 years average life remaining) 732,000 Liabilities 136,000 Additional information: 1. Both the carrying amount and fair value are the same for assets that are not subject to amortization and for the liabilities. 2. The fair value of the assets subject to amortization is $885,000. 3. The company amortizes its capital assets on a straight-line basis. 4. Delivery reported net income of $192,000 and declared and paid dividends of $132,000 in 2017. . Required: a) b) Prepare the journal entry to record Fast Food's investment in Delivery Corp. Assume that any unexplained payment is goodwill. (2 marks) Assuming Fast Food applies the equity method to account for its investment in Delivery, prepare the journal entries to record Fast Food' equity in the net income and the receipt of dividends from Delivery Corp. in 2017. (6 marks) Assume the same facts as above and in part (b), except that Delivery's net income included a loss on discontinued operations of $45,000 (net of tax). Prepare the journal entries necessary to record Fast Food's equity in the net income of Delivery for 2017. (7 marks) c)