Problem 3 Parento Co, purchased 40% of Subby Inc. for $1,200,000 cash on January 1, 2023. For the year ended December 31, 2023 Parento recorded $5,150,000 in net income and paid no dividends. During the year, Subby recorded $280,000 in net income and paid $1,500 in dividends. The fair value of Subby on December 31, 2023 was $3,400,000 with Parento's portion being worth $1,360,000. Requirements: A. How should this investment be classified? B. Record the necessary 2023 journal entries for Parento as related to the purchase and ownership of Subby Inc. C. What value will Parento's investment be shown at on its December 31, 2023 balance sheet? A Type of Investment (select) SHOW ANY CALCULATIONS HERE B Journal Entry C Value of Investment (enter here) As of 12/31/2023