What accounting procedures are used when a stock investment is greater than 50% of the investee company's stock? Group of answer choices

1. all of these choices are correct
2. the investment is recorded at cost
3. the investment account is decreased by dividends received on the investment
4. the investment and investment income accounts are increased by the proportionate share of the investee company's net income
5. when financial statements are prepared, the investment account balance is eliminated as part of the consolidation procedures