What amount does concord report on the balance sheet

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Analyzing and Interpreting Equity Method Investments

Concord Company purchases an investment in Bloomingdale Company at a purchase price of $2 million cash, representing 30% of the book value of Bloomingdale. During the year, Bloomingdale reports net income of $300,000 and pays cash dividends of $90,000. At the end of the year, the market value of Concord's investment is $2.4 million.

Problem 1: What amount does Concord report on its balance sheet for its investment in Bloomingdale?

Reference no: EM132754890

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