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  3. on january 1, belleville company paid $1,210,000 t

On January 1, Belleville Company paid $1,210,000 to acquire 60,500 shares of O'Fallon's voting common...

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Accounting

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On January 1, Belleville Company paid $1,210,000 to acquire 60,500 shares of O'Fallon's voting common stock, which represents a 40 percent investment. No allocations to goodwill or other specific accounts were made. Significant influence over O'Fallon is achieved by this acquisition, and so Belleville opplies the equity method. O'Fallon deciared a $3 per share dividend during the year and reported net income of $659,000. What is the balance in the Investment in OFallon account found in Belleville's financial records as of December 31

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