(Answered) Question - robin corporation purchased 150000 previously

Accounting

Question - Robin Corporation purchased 150,000 previously unissued shares of Nest Company's $10 par value common stock directly from Nest for $3,400,000. Nest's stockholder's equity immediately before the investment by Robin consisted of $3,000,000 of capital stock and $2,600,000 in retained earnings. What is the book value of Robin's investment in Nest?

a) $1,500,000.

b) $1,680,000.

c) $2,800,000.

d) $3,000,000.

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