Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company:20X620X720X8Net income$40,000$35,000$60,000Dividends paid15,00030,00020,000Fair value of shares held by Gant:January 170,00089,00086,000December 3189,00086,00097,000Required:Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gants investment in Temp at the end of each year assuming Gant uses the following methods in accounting for its investment in Temp (Omit the “$” sign in your response):a.Cost method.20X620X720X8Dividend income$$$Balance in investment$$$b.Equity method.20X620X720X8Income from investment$$$Balance in investment$$$c.

Fair value method.20X620X720X8Income from investment$$$Balance in investment$Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company:20X620X720X8Net income$40,000$35,000$60,000Dividends paid15,00030,00020,000Fair value of shares held by Gant:January 170,00089,00086,000December 3189,00086,00097,000Required:Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gants investment in Temp at the end of each year assuming Gant uses the following methods in accounting for its investment in Temp (Omit the “$” sign in your response):a.Cost method.20X620X720X8Dividend income$$$Balance in investment$$$b.Equity method.20X620X720X8Income from investment$$$Balance in investment$$$c.Fair value method.20X620X720X8Income from investment$$$Balance in investment$