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Calculate the balance of Investment in XYZ account

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Question - On January 1, 20X1, ABC Corp purchased 27.17% of the common shares of XYZ inc for $108,099. The investment is reported using the equity method, as ABC has significant influence over XYZ. XYZ reported net income and dividends of $54,050 and $21,615 respectively for the fiscal year 20X1. For the fiscal year 20X2, XYZ reported net income and dividends of $75,664 and $86,500 respectively. Calculate the balance of 'Investment in XYZ' account on ABC's balance sheet on December 31, 20X1. Assume both companies have a December 31 fiscal year end.

a. $111,118

b. $113,967

c. $119,666

d. $116,817

e. $122,515

Reference no: EM133070806

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