Berlin corporation purchases an investment in best pictures

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Berlin Corporation purchases an investment in Best Pictures, Inc. at a purchase price of $3 million cash, representing 45% of the book value of Best Pictures. During the year, Best Pictures reports net income of $350,000 and pays $90,000 of cash dividends. At the end of the year, the market value of Berlins investment is $3.7 million. What is the year-end balance of the equity investment in Best Pictures?

Reference no: EM13588257

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