Belden, Incorporated, acquires 30 percent of the outstanding voting shares of Sheffield, Incorporated, on January 1, 2023, for $306,000, which gives Belden the ability to significantly influence Sheffield's decisions. According to the equity method of accounting, how should Belden record its investment in Sheffield?
a) Using the fair value method
b) As a subsidiary
c) As an associate
d) Using the cost method