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What was the balance in xs investment in y account

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Question - On January 1st, 2020, X acquired 30,000 shares(30% of the outstanding shares) of Y at a price of $10.00 per share giving it significant influence over Y. Y had net income of $400,000 for the year ended December 31, 2020 and declared and paid dividends of $160,000 to its shareholders on December 31, 2020. On the date of acquisition, Y's net book value was $1,600,000 and there was no difference between the fair value and book value of Y's identifiable net assets. What was the balance in X's "Investment in Y' account as of December 31st, 2020?

a. $300,000

b. $252,000

c. $372,000

d. $228,000

Reference no: EM133024017

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