On January 1, 2021, Olds Limited acquired 30,000 (30%) common shares of Innisfail Company at a cost of $895,000. This gave Olds the ability to exercise significant influence over Innisfail's strategic operating and financing policies. The shareholders equity of Innisfail was $1,230,000 on January 1, 2021. On that date, the net assets had a fair value equal to their net book value with the exception of equipment that had a fair value of $100,000 and a net book value of $30,000. The equipment had a remaining useful on January 1, 2021 of 8 years. For 2021, Innisfail's net income was $150,000 and $22,000 in dividends were declared. There were no goodwill impairment losses in 2021.

Assuming Olds uses the equity method to record its investment in Innisfail, what is the balance in the Investment in Innisfail Company account at December 31, 2021?

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Assuming Olds uses the cost method to record its investment in Innisfail, what is the balance in the Investment in Innisfail Company account at December 31, 2021?

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Assuming Olds uses the cost method to record its investment in Innisfail, what is the amount of income Olds will record from its investment in Innisfail for 2021?

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