S earns income of $80,000 during 2021 and pays a cash dividend of $30,000. In addition, S earns income of $100,000,$120,000, and $125,000 and pays dividends of $30,000,$35,000, and $40,000 in 2022, 2023, and 2024, respectively. Assume P uses the equity method to account for S. In addition, assume that there are downstream transfers, from P to S, in 2023 and 2024. P sold $200,000 of inventory to S at a transfer price of $250,000 in 2023 and inventory of $100,000 at a transfer price of $140,000 in 2024. At the end of each year, exactly half of the inventory transferred in the current year remained unsold to a third party. Objective: Prepare consolidated financial statements as of 12/31/24. Continuing with the prior example, now assume that the inventory transfer is from S to P, i.e., upstream. What are the implications of switching from downstream to upstream? > What is the 12/31/24 balance in P's Investment in S account? - How much equity in investee income will P recognize in 2024