On January 1, 2023, Bertrand, Incorporated, paid $86,900 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $229,500 and liabilities of $79,500. A patent held by Chestnut having a $11,500 book value was actually worth $50,500. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to an indefinite-lived asset. During 2023, Chestnut earned income of $53,500 and declared and paid dividends of $18,000. In 2024, it had income of $51,000 and dividends of $23,000. During 2024, the fair value of Bertrand's investment in Chestnut had risen from $99,600 to $102,400. Required: a. Assuming Bertrand uses the equity method, what balance should appear in the Investment in Chestnut account as of December 31, 2024? b. Assuming Bertrand uses fair-value accounting, what income from the investment in Chestnut should be reported for 2024? X Answer is complete but not entirely correct. $ $ a. Investment in Chestnut account as per the equity method b. Income from the investment in Chestnut as per fair-value accounting 108,533 X 12,000