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What jay corporation account as of december should be

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Problem 1: Madison Corporation purchased 40% of Jay Corporation for $400,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $100,000. At year-end, Jay Corporation reported net income of $500,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be:

A. 640,000
B. 740,000
C. 400,000
D. 560,000
E. 240,000

Reference no: EM132763247

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