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On january 4 2011 kelly co purchased 40000 shares 40 of the

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On January 4, 2011, Kelly Co. purchased 40,000 shares (40%) of the common stock of Lemon Corp., paying $800,000. There was no goodwill or other cost allocation associated with the investment. Kelly has significant influence over Lemon. During 2011, Lemon reported income of $200,000 and paid dividends of $80,000. On January 2, 2012, Kelly sold 5,000 shares for $125,000.

What was the balance in the investment account after the shares had been sold?

Reference no: EM13572965

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