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Problem 1: On January 1, 2025, Ajax Company purchased 15,000 shares of Comet, Inc. for $12 per share (this is the only investment held by Ajax). Comet has 100,000 shares outstanding. During 2025, Comet reported total net income of $123,000 and paid dividends of 14,500. On December 31, 2025, shares of Comet were selling for $13 per share. What would Ajax Company report on its balance sheet as the amount of its investment assuming they classify the investment as an Equity Method security?
Option 1: $180,000
Option 2: $196,275
Option 3: $163,725
Option 4: $195,000
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