Please use the information below to answer questions 1 to 3 . Imani, Inc., buys 30 percent of ACC Company on January 1,2023 , for $1,450,000. This acquisition gave Imani the ability to exercise significant influence over the investee. ACC's net assets on that date were $3,500,000. Additionally, a copyright with remaining useful life of 8 years is undervalued on ACC's books by 480,000 . In 2023 and 2024, ACC sells inventory to Imani as follows: ACC reports net income of $215,000 in 2023 and $220,000 in 2024 , additionally ACC declares and pays $40,000 in dividends each year. Additionally, the fair value of Imani's investment in ACC is $1,585,000 at December 31,2023 and it decreases to $1,540,000 at December 31, 2024. 1. What is the equity income in ACC to be reported by Imani in 2024 ? 2. What amount should Imani report as its Investment in ACC on its December 31, 2024, balance sheet (assuming equity method)? 3. Assuming Imani elects to use fair-value option for its investment in ACC, what total income from the investment in ACC should be reported in 2024? (Use negative number to indicate loss)