Sault Corp. has a new accounting co-op student who heard that the accounting for equity investments changes with the amount of shares held. The student needs to know the accounting differences beween two different scenarios and how Sault Corp. should record the transaction and balances if it owns different amounts of Halliday Ltd. shares as a long-term investment. Halliday Ltd. has a total of 35,000 shares outstanding. i (Click the icon to view the chart.) Which accounting method should be used for this long-term investment? Journal entry to record purchase of shares at $44 each. No commissions. Journal entry to recognize share of $48,000 in dividends declared and paid. (Hold all decimals in interim calculations. Round your final answer to the nearest whole dollar.) Option A: 5,600 Shares Accounts Debit Credit Accounts Debit Credit Journal entry to recognize Under the Sault Ltd. entitled to net income $80,000 in net income declared by Halliday Ltd. declared by Halliday Ltd. Journal entry to recognize the Accounts Debit Credit year-end market value of $43 per share. What is the balance in the investments account at year end? Option B: 15,750 Shares Which accounting method should be used for this long-term investment? Journal entry to record purchase of shares at $44 each. No commissions. Option B: 15,750 Shares Accounts Debit Credit Journal entry to recognize share of $48,000 in dividends declared and paid. (Hold all decimals in interim calculations. Round your final answer to the nearest whole dollar.) Journal entry to recognize $80,000 in net income declared by Halliday Ltd. (Hold all decimals in interim calculations. Round your final answer to the nearest whole dollar.) Journal entry to recognize the Accounts Debit Credit Accounts Debit Credit Under the Sault Ltd. need to make an adjustment for year-end market value. year-end market value of $43 per share. What is the balance in the investments $ account at year-end? i Chart Which accounting method should be used for this long-term investment? Journal entry to record purchase of shares at $44 each. Ignore brokerage commissions. Journal entry to recognize share of $48,000 in dividends declared and paid. Journal entry to recognize $80,000 in net income declared by Halliday Ltd. Journal entry to recognize the year-end market value of $43 per share. What is the balance in the investments account at year-end? Option A: 5,600 Option B: 15,750