At the beginning of the year, Douglas Company purchased 10,400 of the 260,000 shares of...
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Accounting
At the beginning of the year, Douglas Company purchased 10,400 of the 260,000 shares of common stock of Herrmann Corporation at $60 per share as a long-term investment. The records of Herrmann Corporation showed the following by the end of the year:
Net Income $560,000
Dividends Paid $220,000
Market Price per Share $ 58
What amount should Douglas Company report in its year-end balance sheet for its investment in Herrmann?
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