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Way Inc. obtained significant influence by buying 35% of Sonic Inc.'s 5,300 outstanding shares of...

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Accounting

Way Inc. obtained significant influence by buying 35% of Sonic Inc.'s 5,300 outstanding shares of common stock at a cost of $8 per share on January 1,2025. On December 31, Sonic declared and paid a $3,500 cash dividend and reported net income of $18,100 for the year. Post all transactions and determine the account balance of the Stock Investments account.
\table[[Stock Investments,],[Jan.1,14,840,Dec. 31],[Dec.31,,],[Dec.31 Bal.,,]]
Revenue from Stock Investments
Dec. 31
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