Suppose ChatNow owns the following investments at December 31,206 : (Click the icon to view additional information.) Requirements 1. Which method is used to account for each investment? 2. By how much did each of these investments increase or decrease ChatNow's net income during 20X6? 3. For investments b and c, show how ChatNow would report these investments on its Balance Sheet at December 31, 20X6. Requirement 1. Which method is used to account for each investment? Select the method used to account for each of the three investments: Requirement 2. By how much did these investments increase or decrease ChatNow's net income during 20X6? More info a. 100% of the ordinary shares of ChatNow United Kingdom, which holds assets of 700,000 and owes a total of 600,000. At December 31,206, the current exchange rate of the pound (f) is 1=$2.04. The translation rate of the pound applicable to shareholders' equity is 1=$1.58. During 20X6, ChatNow United Kingdom earned net income of 100,000, and the average exchange rate for the year was 1=$1.96. ChatNow United Kingdom paid cash dividends of 80,000 during 206. b. Investments that ChatNow is holding to sell. These investments cost $750,000 and declined in value by $250,000 during 206, but they paid cash dividends of $23,000 to ChatNow. One year ago, at December 31,205, the market value of these investments was $1,100,000. c. 35% of the ordinary shares of ChatNow Financing Associates. During 20X6, ChatNow Financing earned net income of $500,000 and declared and paid cash dividends of $20,000. The carrying amount of this investment was $800,000 at December 31, 205