O Required information [The following information applies to the questions displayed below.) Felicia Company acquired 21,000 of the 60,000 shares of outstanding common stock of Nueces Corporation as a long- term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the year Jan. 10 Purchased 21,000 shares of Nueces common stock at $12 per share. Dec. 31 Nueces Corporation reported net income of $90,000 Dec. 31 Nueces Corporation declared and paid a cash dividend of 60.60 per share. Dee. 31 Determined the fair value of Nueces stock to be $11 per share. Required: 1. What accounting method should the company use? The fair value method for trading securities. The equity method. The fair value method for available for sale securities. The consolidation method