(Answered) Phillips owns 25 of mintor inc a private company in 2007

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Phillips owns 25 % of Mintor, Inc. (a private company). In 2007, Mintor had sales of $22,00,000, had net income of $82,000 and Mintor paid $32,000 in dividends. If Phillips uses the Equity Income method, what did Phillips record as Equity Income on its 2007 income statement?

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