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On 1/1/20X3 the Pondu Company (Pondu) paid $100,000 for 22 percent of the outstanding voting stock of Key. At that time, the net book value of Key equaled the fair value of Key's stock. However, another corporation holds the other 78 percent ownership and does not take Pondu's input into consideration when making financing and operating decisions for Key. Consider that fact when determining the appropriate accounting method for Pondu to use for this investment.
Question problem 1: How much total income should Pondu recognize for 20X3 related to this investment?
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