On January 1, 2022, Gates Corp., a publicly-traded company, purchased 30% of the common shares...
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On January 1, 2022, Gates Corp., a publicly-traded company, purchased 30% of the common shares of another public company, Microtek for $400,000. During 2022, Microtek reported $120,000 in net income and paid cash dividends of $50,000. The balance of the Investment in Associates account on Gates books at the end of the year would be
$400,000.
$379,000.
$421,000.
$436,000.
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