Problemon january 1 2013 great corporation purchased 25 of, Ask an Expert

Accounting

Problem:

On January 1, 2013, Great Corporation purchased 25% of the common stock outstanding of Long Corporation for $250,000. During 2013, Long Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Stock Investments-Long account on the books of Great Corporation at December 31, 2013 is:

A) $330,000.

B) $290,000.

C) $260,000.

D) $250,000.

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165331

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