Reference no: EM132504181
Question - On January 1, 2021 M.T. Glass purchased the following investments:
1. 7,500 shares (representing 15%) of ZZ Company stock for $98,000
2. 25,000 shares (representing 40%) of AA Company stock for $440,000
M.T. Glass recorded the sale of some of its investments in 2022 as follows:
1. September 1 sold 5,000 shares of the ZZ Company stock for $76,000
2. December 31 sold 4,000 shares of the AA Company stock for $120,000
AA Company and ZZ Company reported the following information for the years 2021 and 2022:
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AA Company
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ZZ Company
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Net income in 2021
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$260,000
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$200,000
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Dividends paid to M.T. Glass in 2021
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$24,000
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$15,000
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Market value at Dec 31, 2021
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$27 per share
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$22 per share
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Net income in 2022
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$160,000
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$225,000
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Dividends paid to M.T. Glass in 2022
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$41,000
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$5,000
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Market value at Dec 31, 2022
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$24 per share
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$28 per share
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Calculate the balance in the Investment in AA Company account at December 31, 2021.
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