1. Parody Corporation (Parody) was formed on January 1, 2006. Parody is 100% owned by Wesley Morgan. On January 1, 2019, the Company purchased 30% of Super Corporation's (Super) common stock for $330,000. (Super has no preferred stock.) Super is traded on the NYSE.
2. As a result, in 2019, Parody will begin to use the equity method of accounting with respect to Super.
3. On January 1, 2019, Super had a book value of $475,000. Super's book value in its equipment was $80,000 less than its fair market value. The equipment has a remaining life of ten years.
4. In 2020, Parody sold $100,000 of goods to Super with a gross profit rate of 40%. At December 31, 2020, Super had sold none of the goods to its customers.
5. Dividends are declared and paid in July each year.
6. During 2019 and 2020, Super reported the following:

YearNet IncomeCash DividendsFMV at 12/31

2019$350,000$200,000$1,100,000

2020$625,000$240,000$2,200,000

Required:

1. In 2020, what income did Parody report from its investment in Super?
2. On Parody's comparative financial statements for 2019 and 2020, what amount should Parody report in its balance sheet in connection with this investment?
3. What are all necessary journal entries for Parody with respect to Super for 2020.