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Cantle Inc. purchased a 30% interest in Rockton Ltd. in 20X1. It was determined that Cantle had significant influence over Rockton and therefore reports its investment in Rockton using the equity method.
Upon purchasing Rockton, Cantle reported the following fair value (FV) differentials:
Land: FV greater than book value by $21,000.Equipment: Book value greater than FV by $24,000.
Question 1: What amount of equity income would Cantle report for its investment in Rockton for 20X3?
Option a) $34,324
Option b) $34,676
Option c) $35,559
Option d) $40,676
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