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What is the equity method balance of Jeter Investment

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Problem - In January 2020, Jeter, Inc., acquired 20 percent of the outstanding common stock of Rodriguez, Inc., for $833,000. This investment gave Jeter the ability to exercise significant influence over Rodriguez, whose balance sheet on that date showed total assets of $4,222,000 with liabilities of $922,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2020, Rodriguez reported net income of $179,000. In 2021, Rodriguez reported net income of $235,500. Dividends of $110,000 were declared in each of these two years. What is the equity method balance of Jeter's Investment in Rodriguez, Inc., at December 31, 2021?

Reference no: EM132926480

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