Problem 16-04A a-c (Part Level Submission) Heidebrecht Design acquired 25% of the outstanding common stock of Cullumber Company on January 1, 2020, by paying $802,000 for the 40,100 shares. Cullumber declared and paid $0.20 per share cash dividends on March 15, June 15, September 15, and December 15, 2020. Cullumber reported net income of $344,500 for the year. At December 31, 2020, the market price of Cullumber common stock was $26 per share.

(c) Your answer is partially correct. Try again. Indicate the balance sheet and income statement account balances at December 31, 2020, under each method of accounting. Cost Equity Method Method Stock Investments 1,042,600 Dividend revenue Unrealized gain income 240,600 Revenue from stock investments 0 86,125