On January 1,2024 Angel, Inc. purchased 100,000 shares of Halo Company common stock for...

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Accounting

On January 1,2024 Angel, Inc. purchased 100,000 shares of Halo Company common stock for $550,000, giving Angel a 25% ownership. Angel uses the equity method and any excess cost over book value is attributed to goodwill.
During 2024 Halo reports NI of $200,000 and pays $40,000 in dividends (both distributed/earned evenly throughout the year).
On July 1,2024 Angel sells 20,000 shares for $160,000 and its ownership drops to 20%. Angel continues to use the equity method after the sale of shares.
1. What is the balance in the Investment in Halo account as of 12/31/2024?

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