Question 13 20 pts 20 pts Portland Co. purchased 30% of Seattle Inc.'s common stock on January 1, 2017 for $300,000 in cash, which was the book value and fair value of the net assets for its share of Seattle Inc. For 2017, Seattle had net income of $50,000 and paid dividends of $15,000. On December 31, 2017, the fair value of the Seattle stock that Portland held was $330,000. 1. Assume that Portland uses the fair value method to account for its investment in Seattle. o What is the balance at 12/31/17 of the Investment in Seattle? o What is the income statement impact on Portland's books of its Investment in Seattle? Consider dividends, income and gains/losses on the investment as required for the specified accounting method. 2. Assume that Portland uses the equity method to account for its investment in Seattle. o What is the balance at 12/31/17 of the Investment in Seattle? 310500 o What is the income statement impact on Portland's books of its Investment in Seattle? Consider dividends, income and gains/losses on the investment as required for the specified accounting method