Madison Corporation purchased 45% of Jay Corporation for $120,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $30,000. At year-end, Jay Corporation reported net income of $150,000. The balance in Madison's Equity Method Investments—Jay Corporation account as of December 31 should be:
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Madison Corporation purchased 45% of Jay Corporation for $120,000 on January 1. On June 20 of the sa...
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