RUL ne Exam 1 Sunday September 20, 2020 6:00 pm - 6:00 PHI 220201 ACCT-4008-01 My courses Question 33 Not yet answered Marked out of 2.50 Flag question On January 1, 2020, Archer, Incorporated, paid $100,000 for a 35% interest in Harley Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Harley having a book value of $10,000 was actually worth $22,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2020, Harley reported net income of $42,000 and paid dividends of $8,000 while in 2021 it reported net income of $70,000 and dividends of $9,000. Assume Archer has the ability to significantly influence the operations of Harley. The equity in income of Harley for 2020, is earch the web and Windows