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Required information

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As a long$-$term investment, Fair Company purchased $20\%$ of Midlin Company's $160,000$ shares for $$192,000$ at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $$121,000$ and distributed cash dividends of $$0\mathrm{.}20$ per share. At year$-$end, the fair value of the shares is $$200,000.$

$2.$ Assume significant influence was acquired. How will the investment in Midlin Company be reflected in the balance sheet and income statement of Fair Company at year$-$end?

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