A Peace Company issued common shares with a par value of $59,000 and a market value of $170,700 in exchange for 30 percentownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date:AssetsCashAccounts ReceivableInventory (FIFO basis)LandBuildings & EquipmentLess: Accumulated DepreciationPatentTotal AssetsLiabilities & EquitiesAccounts PayableSYMBOL CORPORATIONBalance SheetJanuary 1, 20X2Bonds PayableCommon StockAdditional Paid-In CapitalRetained EarningsTotal Liabilities & EquitiesBook Value$ 55,00098,000Investment income (loss)Balance in the investment account124,00057,000507,000(247,000)$594,000$ 27,000149,000149,00020,000249,000$ 594,000Fair Value$ 55,00098,000154,00072,000329,00037,000$ 745,000$ 27,000149,000The estimated economic life of the patents held by Symbol is 10 years. The buildings and equipment are expected to last 12 moreyears on average. Symbol paid dividends of $10,000 during 20X2 and reported net income of $84,000 for the year.Required:Compute the amount of investment income (loss) reported by Peace from its investment in Symbol for 20X2 and the balance in theinvestment account on December 31, 20X2, assuming the equity method is used in accounting for the investment.Note: If a loss occurs, enter the amount as a negative number.

Extra or additional paid-in capital is not repaid to shareholders and is regarded as a permanent…

Required: Compute the amount of investment income (loss) reported by Peace from its investment in Symbol for 20X2 and the balance in the investment account on December 31, 20X2, assuming the equity method is used in accounting for the investment. Note: If a loss occurs, enter the amount as a negative number.