ABC purchased 30% of 100,000 shares of XYZ company's outstanding common stock on January 1, 20x1 for $300,000. On june 30, 20x1, XYZ company declared and paid $30,000 in cash dividends. Net earnings for 20x1 were $80,000. The ABC company does not elect the fair value option. What amount should be recorded on investment in XYZ and income from investment accounts on December 31, 20x1?