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Please show work. Thanks! Question 7 Inventory and Investments 1/4 points (graded) On January...

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Accounting

imagePlease show work. Thanks!

Question 7 Inventory and Investments 1/4 points (graded) On January 8, 20x8, Figetakis Inc., a large IT consulting firm, bought 35% of the shares of stock of IT-ology, Inc. for $620,000. Figetakis, Inc. has significant influence over IT-ology, Inc. decisions. On December 31 20X8, IT-ology, Inc's 20X8 Income Statement reported a net income of $1,800,000 The fair value of Figetakis' investment on December 31st was $700,000. What year-end journal entry would Figetakis record assuming it takes the fair value option for valuing investments? Select an option 12/31/20X8 Select an option Dividends Income Cash Revenue Equity investment Unrealized gain on investment Retained Earnings You have used 1 of 2 attempts Submit Common Stock Save

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