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E16- visage Cosmetics , a public company, acquires 40% oflage Fashion Inc's 30,000 are on January 2, 2017.On June 15, Image Fashion pays a cash dividend of $30,000.On December 31, Image investm common shares for $18 Records Fashion reports profit of $380,000 for the year. At December 31, image Fashion shares are rading at $2 per Instructions (a) Prepare the required journal entries to record the Image Fashion Inc, investment assuming significant infu- ence exists. (b) Determine the balance in the investment account on December 31,2017, Visage Cosmetio' year end