On January $1,2022,$ Crane Corp. bought $34,000$ shares of the available $100,000$ common shares of Iceberg Inc., a publicly traded firm. This acquisition provided Crane with significant influence. Crane paid $$729,000$ cash for the investment. At the time of theacquisition, Iceberg reported assets of $$2,506,000$ and liabilities of $$1,216,000.$ Asset values reflected fair market value, except forcapital assets that had a net book value of $$521,000$ and a fair market value of $$767,000.$ These assets had a remaining useful life of five years. For $2022$ Iceberg reported net income of $$420,000$ and paid total cash dividends of $$100,000.$On May $16,2023,$ Crane sold $17,000$ of its shares in Iceberg for $$425,000.$ Crane has no immediate plans to sell its remaining investment in Iceberg.

Iceberg is actively traded, and stock price information follows:

January $1,2022,$ $$20$

December $31,2022,$ $$22$

January $1,2023,$ $$23$

$($a$)$Assuming Crane is using the equity method under ASPE, did the initial investment include a payment for goodwill?

Payment for goodwill $

$($b$)$At the end of $2022,$ what would appear on the income statement and balance sheet of Crane in connection with its investment in Iceberg?

Investment income on income statement $

Investment account on balance sheet $

$($c$)$ Provide the entry to account for Crane's sale of the shares in May $2023.($Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

How should crane account for its remaining investment in iceberg?

Under ASPE, crane can choose the $\_\_\_\_\_\_\_\_\_\_$ for its remaining investment in iceberg.