On January 1, 2019, Titanic Corp. bought 30,000 shares of the 100,000 outstanding common shares of Iceberg Inc. Both corporations are publicly traded firms and this acquisition provided Titanic with significant influence. Titanic paid $ 700,000 cash for the investment. At the time of the acquisition, Iceberg reported assets of $2,500,000 and liabilities of $ 1,200,000. Asset values have fair market value of $2,730,000. These assets had a remaining useful life of five years. For 2019 Iceberg reported a net income of $ 400,000 and paid total cash dividends of $ 100,000. On May 16, 2020, Titanic sold 15,000 of its shares in Iceberg for $425,000. Titanic has no immediate plans to sell its remaining investment in Iceberg. Iceberg is actively traded, and stock price information follows: January 1, 2019 December 31, 2019 January 1, 2020 Instructions $ 23 $ 25 $ 26 a) How should Titanic account for the investment in Iceberg and why? (1 mark) b) Provide the the amount allocated to goodwill. (5 marks) c) At the end of 2019, what would appear on the income statement and balance sheet of Titanic in connection with its investment in the Iceberg? Show partial income statement and statement of financial position with proper format and supporting calculations. (6 marks) d) Provide the entry to account for Titanic's sale of the shares in May 2020. (2 marks) e) How should Titanic account for its remaining investment in Iceberg? (1 marks)