Researching Tomorrow owns equity method investments in several companies. Suppose Researching Tomorrow paid $1,600,000 to acquire a 35% investment in Chan Software Company Chen Software reported net income of $680,000 for the first year and declared and paid cash dividends of $460,000 Required 1. Record the following in Researching Tomorrow's journal: (a) purchase of the investment, (b) Researching Tomorrow's proportion of Chen Software's net income, and (c) receipt of the cash dividends 2. What is the ending balance in Researching Tomorrow's investment account? Requirement 1. Record the following in Researching Tomorrow's joumal (a) Purchase of the investment (Record debits first, then credits. Explanations are not required.) (a) Accounts (b) Researching Tomorrow's proportion of Chen Software's net income (b) Accounts Debit Credit Debit Credit CLEO Time Remaining: 00:59:22 Show des 202PM (c) Receipt of the cash dividends (c) Accounts Debit Credit Requirement 2. What is the ending balance in Researching Tomorrow's investment account? The ending balance in Researching Tomorrow's investment account is