Russell Financial paid $580,000 for a 35% investment in the common stock of Sonic, Inc. For the first year, Sonic reported net income of $185,000, and at year-end declared and paid cash dividends of $120.000. On the balance sheet date, the fair value of Russel's investment in Sonic stock was $420,000. Read the requirements Requirement 1. Which method is appropriate for Russell to use in accounting for its investment in Sonic? Why? It would be appropriate for Russell to use the method of recording its investment in Sonic, Inc. Requirements 1. Which method is appropriate for Russell to use in accounting for its investment in Sonic? Why? 2. Show everything that Russell would report for the investment and any Investment revenue in its year-end financial statements. Print Done