Phillips Company bought 30 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. During the period of January 1, 20X1, through December 31, 20X3, the market value of Phillips' investment in Jones' stock increased by $1,500 each year. In 20X1, 20X2, and 20X3, Jones Bag reported the following: Year 20X1 20X2 20X3 Net Income $ 15,000 19,000 27,000 Dividends $22,000 17,000 17,000 The balance in Phillips Company's investment account on December 31, 20X3, was $56,000. Required: In each of the following independent cases, determine the amount that Phillips paid for its investment in Jones Bag stock assuming that Phillips accounted for its investment by carrying the investment at fair value, or using the equity method. Fair value Equity method