On January 1, 2021, Sarasota's Motor Corp., a private company, buys 20% of Molly's Engines Ltd.'s 280,000 common shares for $686,000. On December 31, 2021, Molly's pays a $44,000 cash dividend and reports profit of $460,000. At December 31, 2021, Molly's shares are trading at $16.75 per share. Both companies have a December 31 year end. Sarasota's is able to appoint one board member to Molly's board of directors who has been influential in directing the operations of the company. Record the above transactions assuming Sarasota's uses the equity method to report its investment in Molly's Engines Ltd. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1 Investment in Associate 686000 Cash 686000 Dec. 31 Investment in Associate 44000 44000 Income from Investment in Associate (To record dividend received from associate.) Dec. 31 252000 252000 Determine the amounts to be reported on Sarasota's Motor Corp's balance sheet and income statement for its investment in Molly's at December 31, 2021, assuming Sarasota's Motors uses the equity method. Balance Sheet Non-current assets Investment in Associate $ 686000 Income Statement Other revenue Income from investment in associate $ 252000 Record the above transactions assuming Sarasota's elects to use the cost method for its investment in Molly's. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > Determine the amounts to be reported on Sarasota's Motor Corp's balance sheet and income statement for its investment in Molly's at December 31, 2021. Assume Sarasota's elects to use the cost method for its investment in Molly's. Balance Sheet Non-current assets Investment in Associate Income Statement Other revenue Dividend Revenue $