Question 12 P acquired 100% shares of S on Jan 1,2018 for $200,000. On that date S reported a common stock of $100,000 and retained earnings of $60,000. All assets have of S have a fair value equal to the book value except for equipment that has a fair value of 40,000 above the books value. This equipment that has a remaining useful life of 10 years. During 2018, S reported a net income of $80,000 and paid dividend of $20,000. What will be the balance in the investment in S account on Dec 31,2018 ? P uses the equity method