On January 1, 2020, Backland Corp. purchased 25% of the common shares of Davidson Inc. for $430,000. Assume this investment provides Backland with significant influence over Davidson. Both of the companies have December 31 year ends. Davidson paid total dividends of $120,000 on October 31, 2020. For the year ended December 31, 2020, Davidson reported profit of $125,000. The market price of the shares of Davidson on December 31, 2020 was $475,000. Required: a. Record all the necessary journal entries related to this investment, assuming Backland will account for this investment using the equity method. (4 marks) b. What is the balance sheet presentation for the Ellison shares as of December 31, 2020? (2 marks)