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At what value should Axion report the investment

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Question - On January 17, 2021, Chase Company acquired 3,000 shares (or 5%) of Axion Company's common stock at $30 per share. The securities are classified as investments available for sale. On October 24, 2021, Axion declared and paid a cash dividend of $3 per share. On December 31, 2021, the market value of Axion's common stock was $32 per share and Axion's net income is $300,000. At what value should Axion report the investment in common stock on its December 31, 2021 balance sheet?

a. $96,000

b. $81,000

c. $90,000

d. $99,000

Reference no: EM132884717

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