Wren Inc., a public company, owns 20% of Dong Ltd.'s common shares for strategic purposes. The investment's carrying value at January 1, 2014, is $300,000. During the year, Dong reported profit of $250,000 and paid a dividend of $20,000. The investment's fair value on December 31, 2014, Wren's year end, is $315,000. Where appropriate, Wren reports fair value adjustments in other comprehensive income.
(a) Assuming Wren does not have significant influence over Dong, indicate the amount reported for the long term investment at December 31, the amount of investment income reported in the income statement, and the amount of investment income reported in other comprehensive income.
(b) Assuming Wren does have significant influence over Dong, indicate the amount reported for the long-term investment at December 31, the amount of investment income reported in the income statement, and the amount of investment income reported in other comprehensive income.