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Problem 1: Brooks Corporation owns 40% of the common stock of the Fairmont Corp. as a long-term investment Company and exercises a significant influence over its operating and financing policies. The stock was purchased on January 1, of the current year, for a total cost of $150,000. At end of the current calendar, Fairmont reports net income of $60,000 and pays $50,000 in dividends to its common stockholders. As a result of these transactions, what's the ending balance in the "Investment in Fairmont Corp. Common Stock" account at December 31, of the current year on Brook's books?
a) $150,000b) $174,000c) $154,000d) $194,000
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