Required information [The following information applies to the questions displayed below.] Company T had 25,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $28 per share. At the end of the current year, Company T reported the following: income, $63,000, and cash dividends declared during the year, $34,500. The fair value of Company T stock at the end of the current year was $25 per share. Required: 1. For each of the following situations, identify the method of accounting that Company P should use. Required information [The following information applies to the questions displayed below.] Company T had 25,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $28 per share. At the end of the current year, Company T reported the following: income, $63,000, and cash dividends declared during the year, $34,500. The fair value of Company T stock at the end of the current year was $25 per share. Required: 1. For each of the following situations, identify the method of accounting that Company P should use