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Port Company purchased 33,000 of the 110,000 outstanding shares of Sund Company common stock on...

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Accounting

Port Company purchased 33,000 of the 110,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $187,000. The purchase price was equal to the book value of the shares purchased. Sund reported the following:

Year Net Income Dividends
20X2 $ 56,000 $ 41,000
20X3 46,000
20X4 8,000

Required:

Compute the amounts Port Company should report as the carrying values of its investment in Sund Company at December 31, 20X2, 20X3, and 20X4.

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