On January 1, 2019, Titan Corp. bought 30,000 shares of the available 100,000 common shares of Jeffries Inc., a publicly-traded firm. This acquisition provided Titan with significant influence. Titan paid $ 700,000 cash for the investment. At the time of the acquisition, Jeffries reported assets of $ 2,500,000 and liabilities of $ 1,200,000. Asset values reflected fair market value, except for capital assets that had a net book value of $ 500,000 and a fair market value of $ 730,000. These assets had a remaining useful life of five years. For 2019 Jeffries reported a net income of $ 400,000 and paid total cash dividends of $ 100,000. Instructions a) Assuming Titan is using IFRS, did the initial investment include a payment for goodwill? Provide support for your answer. b) At the end of 2019, what would appear on the income statement and statement of financial position of Titan in connection with its investment in Jeffries? Show supporting calculations