Suppose that on January 6, 2018, Westfall Motors paid $480,000,000 for its 40% investment in Power Motors. Westfall has significant influence over Power after the purchase. Assume Power earned net income of $20,000,000 and paid cash dividends of $30,000,000 to all outstanding stockholders during 2018. (Assume all outstanding stock is voting stock.) Read the requirements. Requirement 1. What method should Westfall Motors use to account for the investment in Power Motors? Give your reasoning. Westfall Motors should use the v method to account for its investment in Power Motors because the investment Requirement 2. Journalize all required 2018 transactions related to Westfall Motors's Power investment. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Westfall Motors paid $480,000,000 for its 40% investment in Power Motors. Date Accounts and Explanation Debit Credit 2018 Jan. 6 Power paid cash dividends of $30,000,000 to all outstanding shareholders during 2018. Date Accounts and Explanation Debit Credit 2018 Power earned net income of $20,000,000 during 2018. Date Accounts and Explanation Debit Credit 2018 Requirement 3. Post all 2018 transactions to the investment T-account. What is its balance after all the transactions are posted? How would this balance be classified on the balance sheet dated December 31, 2018? Begin by selecting the investment account and posting the 2018 transactions to the investment T-account. Calculate the balance after all the transactions are posted. How would this balance be classified on the balance sheet dated December 31, 2018? This balance would be classified as V on the balance sheet dated December 31, 2018