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Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be

a. $945,000.

b. $1,305,000.

c. $1,215,000.

d. $1,395,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445316

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