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  3. reed company paid $80,000 to acquire 30% of the ou

Reed company paid $80,000 to acquire 30% of the outstanding common stock of Jo Inc...

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Accounting

Reed company paid $80,000 to acquire 30% of the outstanding common stock of Jo Inc on 12/31/16. Jo reported total net income 30,000 and paid total cash dividends of $10,000 in 2017. The market price of stock Reed purchased was $90,000 on 12/31/17. The balance in Reeds Investment account should be:

A. $80,000

B. $90,000

C. $92,000

D. $95,000

E. $102,000

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