Question 24 (1 point) In January 2014, Haddock Ltd. had purchased an investment for $150,000. By December 31, 2014, the fair market value of that investment had increased by $20,000. Assuming this gain was included in the company's 2014 net income, which accounting method did Haddock use to account for this investment? a) Cost b) Fair value through other comprehensive income (FV-OCI) c) Fair value through net income (FV-NI) d) Equity Question 26 (1 point) North Company sells goods to West Inc on account on January 1, 2017. The goods have a sales price of $312,000 (cost of $164,000). The terms of the sale are net 30. If the company pays within 5 days, it receives a cash discount of $12,000. Past history indicates that the cash discount WILL be taken. North company should record the following journal entry on January 1st, 2017 Debit accounts receivable $300,000, credit sales revenue $300,000; Debit Cost of goods sold $164,000, credit inventory $164,000 Debit accounts receivable $312,000, credit sales revenue $312,000; Debit cost of goods sold $164,000, credit inventory $164,000 Debit sales revenue $300,000, credit accounts receivable $300,000; Debit cost of goods sold $164,000, credit inventory $164,000 Debit sales revenue $312,000, credit inventory $312,000; Debit cost of goods sold $164,000, credit inventory $164,000