The following balance sheets have been prepared as at December 31, Year 6, for Kay Corp. and Adams Ventures: Additional Information - Kay acquired its 40% interest in Adams for $374,000 in Year 2 , when Adams's retained earnings amounted to $184,000. The acquisition differential on that date was fully depleted by the end of Year 6 . - In Year 5, Kay sold land to Adams and recorded a gain of $74,000 on the transaction. Adams is still using this land. - The December 31, Year 6, inventory of Kay contained a profit recorded by Adams amounting to $49,000. - On December 31, Year 6, Adams owes Kay $43,000. - Kay has used the cost method to account for its investment in Adams. - Use income tax allocation at a rate of 40%, but ignore income tax on the acquisition differential. Required (a) Prepare three separate balance sheets for Kay as at December 31, Year 6, assuming that the investment in Adams is a (i) control investment; (ii) joint operation and is reported using proportionately adjusted financial statements, and (iii) significant influence investment