Tamarisk Inc., a public company, owns $20\%$ of Dong Ltd$\text{'}$s common shares for strategic purposes. The investment's carrying amount at January $1,2024,$ is $$299,000.$ During the year, Dong reported profit of $$255,400$ and paid a dividend of $$22,400.$ The investment's fair value on December $31,2024,$ Tamarisk's year end, is $$316,100.$

$($a$)$

Assuming Tamarisk has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December $31$ and the amount of income from this investment reported in the income statement.

Equity Method

Balance Sheet:

Income Statement:

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