Suppose on February 1, 20X6, Deer Motors paid $380 million for a 40% investment in Phase Motors. Assume Phase earned net income of $50 million and paid cash dividends of $25 million during 20X6 1. What method should Deer Motors use to account for the investment in Phase? Give your reason. Journalize these three transactions on the books of Deer Motors. Show all amounts in millions of dollars and include an explanation for each entry 2. 3. Post to the Long-Term Investment T-account. What is its balance after all the transactions are posted? 1. What method should Deer Motors use to account for the investment in Phase? Give your reason is appropriate because Deer Motors holds a 40% investment in Phase and, therefore, will have over Phase. 2. Journalize these three transactions on the books of Deer Motors. (Show all amounts in millions of dollars. Record debits first, then credits. Explanations will appear on the last line of the journal entry) Begin with the purchase of the investment in Phase. Date Feb Journal Entry Accounts and Explanations Debit Credit Choose from any list or enter any number in the input fields and then continue to the next