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Gilman Company purchased 100,000 of the 250,000 shares of common stock of Burke Corporation on January 1, 2009, at $40 per share as a long-term investment. The records of Burke Corporation showed the following on December 31, 2009: Net income $575,000 Dividends declared and paid during December, 2009 $30,000 Market price per share $38 Gilman Company should report the following on the December 31, 2009, balance sheet for its investment in Burke Corporation. A. $4,218,000 B. $4,000,000 C. $4,124,000 D. $3,800,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797947

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