On January 1,2023 , Bertrand, Incorporated, paid $83,800 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $290,500 and liabilities of $117,000. A patent held by Chestnut having a $13,600 book value was actually worth $31,600. 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 $40,700 and declared and paid dividends of $14,000. In 2024, it had income of $70,000 and dividends of $19,000. During 2024 , the fair value of Bertrand's investment in Chestnut had risen from $95,380 to $106,180. Required: a. Assuming Bertrand uses the equity method, what balance should appear in the Investment in Chestnut account as of December 31 , 2024 ? b. Assuming Bertrand uses fair-value accounting, what income from the investment in Chestnut should be reported for 2024