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Selectron Inc. acquired 70% of Insor Inc. on January 1, 2018 for $210,000, when Insor's Common Shares and Retained Earnings were worth $60,000 and $190,000 respectively. Insor's fair values approximated their book values on that date. Selectron currently uses the Equity Method to account for its investment in Insor.
During 2018, investment Income in the amount of $15,000 and Dividends in the amount of $1,400 were recorded in Selectron's investment in Insor account. During 2019, investment income loss in the amount of $26,000.
Question 1: Compute the balance of the investment in Insor account at the end of 2019.
Question 2: Compute the balance of the investment in Insor account at the end of 2018.
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