Suppose that on January 6, 2024, Northwest Motors paid $360,000,000 for its 30% investment in Phase Motors Northwest has significant influence over Phase after the purchase. Assume Phase earned net income of $80,000,000 and paid cash dividends of $35,000,000 to all outstanding stockholders during 2024. (Assume all outstanding stock is voting stock) Read the requirements Requirement 1. What method should Northwest Motors use to account for the investment in Phase Motors? Give your reasoning Northwest Motors should use the method to account for its investment in Phase Motors because the investment Requirement 2. Journalize all required 2024 transactions related to Northwest Motors's Phase 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) Northwest Motors paid $360,000,000 for its 30% investment in Phase Motors Date 2024 Jan 6 Accounts and Explanation Phase paid cash dividends of $35,000,000 to all outstanding shareholders during 2024 Date 2024 Accounts and Explanation Phase earned net income of $80.000.000 during 2024 Date 2024 Debit Credit Debit Credit Accounts and Explanation Debit Credit Requirement 3. Post all 2024 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, 20247 Begin by selecting the investment account and posting the 2024 transactions to the investment T-account Calculate the balance after all the transactions are posted