Determine the balance in the investment account

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Problem - Maddox Co. acquired a 60% interest in Glenn Corp. on December 31, 2020 for $945,000. During 2021, Glenn had net income of $650,000 and paid cash dividends of $50,000. Assuming Maddox uses the equity method, at December 31, 2011, determine the balance in the investment account?

Reference no: EM132876001

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