P paid $300 cash to acquire 100% of Ss common shares on 12/31/2020. S reported $50 net income and declared and paid $30 cash dividends for the year ended December 31, 2021. Prepare journal entries and answer two questions for P, assuming that P uses (1) the equity method and (2) the cost method to account for its investment in S. (If no entry is needed, please indicate so clearly.) (1) Equity Method P's IVST in S 300 (2) Cost Method P's IVST in S 300 At date of acquisition, 12/31/2020 Cash 300 Cash 300 When S reports 2021 net income When S declares and pays 2021 dividends in cash Q1: On Ps internal balance sheet dated 12/31/2021: P's Investment in S Ps Investment in S :$ $ (Show work!) Q2: On Ps internal 2021 income statement: P's Investment Income from S P's Investment Income from S = $ = $