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Case 1.3 On January 2, 2018, ABC Corporation purchased stock in MSN Company. At the time of the purchase, MSN Company's book value was $4 million and it on and its assets and liabilities were fairly reported. MSN reports income of $3 million and pays dividends of $1 million in 2018. ABC's follow: December 31, 2018, balance sheet and 2018 income statement, without the investment in MSN, ABC Corp. Balance Sheet (in thousands) ABC Corp. 31-Dec-18 Income statement (in thousands) Current Assets Year ended December 31, 2018 PPE (net) $ 40,000 Sales revenue $ 900,000 Intangibles 450,000 COGS (750,000) Total Assets 5,000 Operating expense (140,000) $ 495,000 Net Income $ 10,000 Current Liabilities S LT Liabilities 20,000 Capital Stock 200,000 90,000 Retained Earnings 185,000 Total Liabilities and SE 495,000 MSN Company MSN Company Balance sheet (in thousands) Income Statement (in thousands) 31-Dec-18 Year ended December 31, 2018 Current Assets 5,000 Sales Revenue $ 60,000 PPE (net) 85,000 COGS (20,000) Total Assets 90,000 Operating expenses (37,000) Net Income $ 3,000 Current Liabilities $ 3,000 LT Liabilities 81,000 Capital stock $1 par 1,000 Retained Earnings 5,000 Total Liabilities and SE $ 90,000 Required: Prepare ABC's December 31, 2018 balance sheet and 2018 income statement under each of the following circumstances: a. ABC's investment consists of 100,000 shares costing $15 per share and ABC uses the Fair Value method to account for it. The shares have a market value of $12 per share on December 31, 2018. (3 points) b. ABC's investment consists of 400,000 shares costing $15 per share and ABC accounts for it using the equity method (3 points) 4