Q8 - Raysut Cement acquired 25% of the outstanding common stock of Al Madinat, Inc. on January 1, 2020, by paying $1,350,000 for 50,000 shares. Al Madinat declared and paid a $0.50 per share cash dividend on June 30 and again on December 31, 2020. AI Madinat reported net income of $750,000 for the year. At December 31, 2020, the market price of Al Madinat's common stock was $35 per share. Instructions (a). Prepare the journal entries for Raysut Cement for 2020 assuming Raysut cannot exercise significant influence over Al Madinat. (Use the cost method and assume Al Madinat common stock should be classified as available-for-sale.) (b). Prepare the journal entries for Raysut Cement for 2020, assuming Raysut can exercise significant influence over Al Madinat (Use the equity method.) (c). In tabular form, indicate the investment and income account balances at December 31, 2020, under each method of accounting