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E17.19 (LO2, 3) (Fair Value and Equity Method Compared) Chen Group acquired 20% of the outstanding ordinary shares of Cho Ltd. on December 31 , 2019. The purchase price was 125,000,000 for 50,000 shares. Cho Corp. declared and paid an 80 per share cash dividend on June 30 and on December 31,2020 . Cho reported net income of 73,000,000 for 2020 . The fair value of Cho's shares was 2,7,00 per share at December 31,2020. Instructions a. Prepare the journal entries for Chen for 2019 and 2020, assuming that Chen cannot exercise significant influence over Cho. The investments should be classified as trading. b. Prepare the journal entries for Chen for 2019 and 2020 , assuming that Chen can exercise significant influence over Cho. c. At what amount is the investment reported on the statement of financial position under each of these methods at December 31,2020? What is the effect on net income reported in 2020 under each of these methods