QUESTION 3 Company P purchased 70% stock in Company Son Jan 1, 20x1 for $200,000. Company S reported the following information for the year 2013 Income before Extraordinary Income $90,000 Extraordinary Income 20.000 Net Income 110,000 Also, Company S paid a dividend of $40,000 during the year 20X1. Under the equity method in the books of P, the extraordinary income account will be credited with 0, because don't record Inventor's share in extraordinary income in the equity method. $28.000 377.000 $14.000 QUESTION 4 Whenever the investoreports any extraordinary gains, the investor also reports his share in the gains in this book. QUESTIONS