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Question - On January 3, 2019, Sheppard Corporation purchased 25% of Meredith Corporation's common stock for $65,000. The net asset's book value is equal to the fair market value. Meredith's net income for the years ended December 31, 2019 and 2020 were $18,000 and $56,000 respectively. Meredith declared no dividends during 2019; however, during 2020, the company declared a $70,000 dividend. On December 31, 2019, the fair value of Meredith's stock that Sheppard Corporation owned had increased to $72,000; in 2020, it increased again to $80,000. What would be the balance in the investment account as of December 31, 2019?
A) $65,000
B) $69,500
C) $72,000
D) $80,000
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