Pelican Corporation acquired a 30% interest in Crustacean Incorporated at book value several years ago. Crustacean declared $100,000 dividends in 2005 and reported its income for the year as follows:
Income from continuing operations
$700,000
Loss on discontinued division
(100,000)
Net income
$600,000
Pelican'W s Investment in Crustacean account for 2003 should increase by:
a) $ 150,000
b) $ 160,000
c) $ 180,000
d) $ 210,000