Phillips Company bought 30 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. In 20X1, 20X2, and 20X3, Jones Bag reported the following:

Year Net Income Dividends

20x1 17,000 24,000

20x2 21,000 19,000

20x3 29,000 19,000

The balance in Phillips Companys investment account on December 31, 20X3, was $71,000. 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 using the cost method and equity method.