Matrix, Incorporated, acquired 25% of Neo Enterprises for $2,000,000 on January 1,2024 . The fair value and book value of 25% of Neo's identifiable net assets was $2,000,000 and $1,600,000 on that date, and the difference was aftributable to assets that would be depreciated over 10 years. During 2024 Neo recognized net income of $500,000 and paid dividends of $400,000. Neo had a total fait value of $10,000,000 as of December 31,2024 Required: 1. Prepare the journal entries necessary to account for the Neo investment, assuming that Matrix accounts for that investment as an equity-method investment 2. Prepare the journal entries necessary to account for the Neo investment, assuming that Matrix elects the fair value option. Matrix, Incorporated, acquired 25% of Neo Enterprises for $2,000,000 on January 1,2024 . The fair value and book value of 25% of Neo's identifiable net assets was $2,000,000 and $1,600,000 on that date, and the difference was aftributable to assets that would be depreciated over 10 years. During 2024 Neo recognized net income of $500,000 and paid dividends of $400,000. Neo had a total fait value of $10,000,000 as of December 31,2024 Required: 1. Prepare the journal entries necessary to account for the Neo investment, assuming that Matrix accounts for that investment as an equity-method investment 2. Prepare the journal entries necessary to account for the Neo investment, assuming that Matrix elects the fair value option