Required Give the journal entries to be recorded on Idle's books in 20X5 related to its investment in Fast Track. LO 2-2, 2-4 P2-19 Investments Carried at Fair Value and Equity Method Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company: Advanced StudyGuide .com Required 20X6 20X7 20X8 Net Income $40,000 $35,000 $60,000 Dividends Paid 15,000 30,000 20,000 Fair Value of Shares Held by Gant: January 1 70,000 89,000 86,000 December 31 89,000 86,000 97,000 Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the fol- lowing options in accounting for its investment in Temp: a. Carries the investment at fair value. b. Uses the equity method