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On January 1, 2023, Bertrand, Incorporated, paid $76,200 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book

On January 1, 2023, Bertrand, Incorporated, paid $76,200 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $249,000 and liabilities of $103,000. A patent held by Chestnut having a $8,800 book value was actually worth $34,300. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to an indefinite-lived asset. During 2023, Chestnut earned income of $46,200 and declared and paid dividends of $15,000. In 2024, it had income of $68,700 and dividends of $20,000. During 2024, the fair value of Bertrand's investment in Chestnut had risen from $89,980 to $98,760. Required: Assuming Bertrand uses the equity method, what balance should appear in the Investment in Chestnut account as of December 31, 2024? Assuming Bertrand uses fair-value accounting, what income from the investment in Chestnut should be reported for 2024

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