Reference no: EM133038938
Problem - The following relates to transactions for Red Sox Company for the year ending 2020.
On January 1, 2020, Red Sox Co. paid $2,958,000 for its investment in 116,000 shares of Yankee Inc.
Yankee has 290,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $580,000 at January 1, 2020.
The following information pertains to Yankee during 2020:
Net Income $290,000
Dividends declared and paid 87,000
Market price of common stock on 12/31/2018 $36/share
Required - What amount would Red Sox report in its year-end 2020 balance sheet for its investment in Yankee?
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