Ridge corporation using the fair value method

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Reference no: EM13749729

Copper Inc. accounts for its investment in Ridge Corporation using the fair value method. Copper bought 3,000 shares (5%) of Ridge's outstanding common stock for $28 per share on January 1, 2014. Ridge earned $3 per share for 2014, declared and paid cash dividends of $1 per common share, and had a closing fair value of $24 per share on December 31. The reported balance sheet value of Copper's investment in Ridge at December 31, 2014 is:

Reference no: EM13749729

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