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At the beginning of the year, Nostoys Corporation purchased 50% of the outstanding common stock...

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Accounting

At the beginning of the year, Nostoys Corporation purchased 50% of the outstanding common stock of the Carmel Corporation for $700,000. During the year, Carmel Corporation reported net income of $150,000 and paid cash dividends of $50,000. The balance of the Investment in the Carmel Corporation account on the books of Garfield Corporation at year-end is:

Select one:

A. $650,000

B. $750,000

C. $700,000

D. $735,000

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