(Answered) Question - feng company purchased 10000 of 250000 shares of

Accounting

Question - Feng Company purchased 10,000 of 250,000 shares of common stock of Minkow Corporation on January 1, 2006, at $40 per share as a long-term investment. The records of Minkow Corporation showed the following on December 31, 2006:
Net Income: $575,000

Dividends Paid: $30,000

Market Price per Share: $38

What amount should Feng Company report on its December 31, 2006, balance sheet for its investment in Minkow?

a. $380,000

b. $400,000

c. $423,000

d. $421,800

e. None of the above is correct.

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