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16) On January 2, 2021 York Company purchased 25% of the outstanding common stock of...

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Accounting

16) On January 2, 2021 York Company purchased 25% of the outstanding common stock of Greene, Inc. and subsequently used the equity method to account for the investment. During 2021 Greene, Inc. reported net income of $1,260,000 and distributed dividends of $300,000. The ending balance in the Investment in York Company account at December 31, 2021 was $960,000 after applying the equity method during 2021. What was the purchase price York Company paid for its investment in Greene, Inc?

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