21% Problem 3. Questions 6 through 10 use the below fact pattern. Problem 3, Question 9. Company C had the following investment. Help them determine the financial statement implications of the investment. Tax rate Estimated tax payment 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 2 0X2 Cost 100,000 100,000 Fair value 110,000 134,000 Total gain 10,000 34,000 20X1 income statement information: Sales 1,670,200 Expenses 1,536,600 9) What is the net income for 20X1 assuming the investment is long-term