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P Corporation purchased an 80% interest in S Corporation on January 1, 2010, at book value for $300,000. S's net income for 2010 was $90,000 and no dividends were declared. On May 1, 2010, P reduced its interest in S by selling a 20% interest, or one-fourth of its investment for $90,000. What would be the balance in the Investment of S Corporation account on December 31, 2010?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M983644

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