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What amount Matsui report in its year-end balance sheet

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Question - Assume that, on January 1, 2021, Matsui Co. paid $1,500,000 for its investment in 60,000 shares of Yankee Inc. Further, assume that Yankee has 200,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $400,000 at January 1, 2021. The following information pertains to Yankee during 2021:

Net income $200,000

Dividends declared and paid $60,000

Market price of common stock on 12/31/2021 $27/share

Required - What amount would Matsui report in its year-end 2021 balance sheet for its investment in Yankee?

Reference no: EM133088120

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