Please Explain Steps!!!

Recording Entries for Equity Investment: FV-NI and Equity Method On January 1, 2020, Allen Corporation purchased 30% of the 54,000 outstanding common shares of Towne Corporation at $17 per share as a long-term investment. On the date of purchase, the book value and the fair value of the net assets of Towne Corporation were equal. During the year, Towne Corporation reported net income of $43,200 and declared and paid dividends of $14,400. As of December 31, 2020, common shares of Towne Corporation were trading at $20 per share. Journal Entries with Significant Influence Journal Entries without Significant Influence Financial Statement Presentation c. Indicate the amount of income that would be reported on the 2020 income statement and the investment balance on the 2020 year-end balance sheet under requirement (a) and requirement (b). Income 2020 Investment Net Balance Dec. 31, 2020 $ 284040 12960 a. Investment accounted for under the equity method $ b. Investment measured at FV-NI X X Check