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Question - On January 1, 2018, Andrea Inc. acquired 15% of Boscher Co.'s outstanding common stock for $62,400 and did not exercise significant influence. Boscher earned net income of $96,000 in 2018 and paid dividends of $36,000. The fair value of Andrea's investment was $80,000 at December 31, 2018. On January 3, 2019, Andrea bought an additional 10% of Boscher for $54,000. This second purchase gave Andrea the ability to significantly influence the decision making of Boscher. During 2019, Boscher earned $120,000 and paid $48,000 in dividends. As of December 31, 2019, Boscher reported a net book value of $468,000. At the date of the second purchase, Andrea concluded that Boscher Co.'s book values approximated fair values and attributed any excess cost to goodwill. On Andrea's December 31, 2019 balance sheet, what balance was reported for the Investment in Boscher Co. account?
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