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What amount is the balance of investment in Clee Corporation

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Question - Liz Inc. owned 20% of Clee Corporation's preference share capital and 50% of the ordinary share capital. Clee Corporation's share capital outstanding comprised the following at year-end:

10% cumulative preference share capital - 2,000,000

Ordinary share capital - 7,000,000

Clee Corporation reported net income of $5,000,000 for the current year. What amount is the balance of investment in Clee Corporation at the end of the current year?

Reference no: EM132882426

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