Item4 ItemSkipped Item 4 Assume that, on January 1, 2024, Matsui Company paid $2,376,000...
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Accounting
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Item 4
Assume that, on January 1, 2024, Matsui Company paid $2,376,000 for its investment in 66,000 shares of Yankee Incorporated Further, assume that Yankee has 330,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $660,000 at January 1, 2024. The following information pertains to Yankee during 2024:
| Net income | $ 330,000 | |
|---|---|---|
| Dividends declared and paid | $ 99,000 | |
| Market price of common stock on 12/31/2024 | $ 38 | per share |
What amount would Matsui report in its year-end 2024 balance sheet for its investment in Yankee?
Multiple Choice
$2,805,000
$2,607,000
$2,422,200
None of these answer choices are correct.
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