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Pennsylvania was founded as a haven for CATHOLICS
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- Peyton Manufacturing, Inc. purchased a 30% interest in Hyland Manufacturing, Inc. for $200,000 on July 1, 2021, halfway through the reporting year. Peyton reports the investment using the equity method. At the date of acquisition, the book value of Hyland's assets approximated fair value, except for plant and equipment with a fair value $50,000 higher than book value and no residual value. The plant and equipment's remaining life at July 1, 2021, was 5 years, and straight-line depreciation is appropriate. Both companies have reporting years ending December 31. Hyland reported net income of $100,000 for the year ending December 31, 2021, and declared and paid total cash dividends of $8,000 on December 31, 2021. What amount should Peyton report as investment income for 2021? What is the investment balance on December 31, 2021?Select one:a. $13,500; $213,500b. $30,000; $227,400c. $15,000; $207,000d. $13,500; $2