On Jan. 1, 2020 Parent Inc. invested $ 420,000 in Subsidiary Inc. (80% Owned). For 2020, Subsidiary Inc. Earned $ 80,000 Declared Divided of $ 56,000 Paid Dividend of $ 48,000 What amount does Petro report for the following items under Cost Method? Cost Method Investment Income for 2020 Investment in Subsidiary Inc. at the year End Retained Earnings Increase O 80 5:33 PM Pass a single Journal Entry of Excess Value Reclassification from the following information assuming that the subsidiary is 100% owned. Decrease in the Book Value of Notes Receivable $ 60,000 Increase in the Book Value of Land $ 130,000 Value of Old Goodwill $ 100,000 Value of New Goodwill $ 280,000 Increase in the Book Value of Building & Equipment $ 110,000 Increase in the Book Value of Patent 90,000 Decrease in the Book Value of Long Term Debt $ 70,000 O 86 5:33 PM