On January 6, 2020, Yini Corp. paid $8,000,000 for its 30 percent investment in Tripp World Inc. Assume that on December 31 that same year, Tripp World earned net income of $1,800,000 and paid cash dividends of $1,600,000. 1. What method should Yini Corp. use to account for the investment in Tripp World Inc.? Give your reason. 2. Journalize these three transactions on the books of Yini Corp. Include an explanation for each entry. Ignore any brokerage commission expenses. 3. Post to the Investment in Tripp World Inc. Common Shares T-account. What is its balance after all the transactions are posted? 1. What method should Yini Corp. use to account for the investment in Tripp World Inc.? Give your reason. V is appropriate because Yini Corp. holds a 30% investment in Tripp World Inc. and, therefore, will have 2. Journalize these three transactions on the books of Yini Corp. Include an explanation for each entry. Ignore any brokerage commission expenses. Begin with the investment in Tripp World Inc. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanations Date Debit Credit Jan. 6 Next record the net income earned. Journal Entry Accounts and Explanations Date Debit Credit Jan. 6 Now record the cash dividends received. Journal Entry Accounts and Explanations Date Debit Credit Jan. 6 3. Post to the Investment in Tripp World Inc. Common Shares T-account. What is its balance after all the transactions are posted? (Leave any unused cells blank.) Investment in Tripp World Inc. Common Shares Balance