Business, 15.11.2019 17:31 jadahilbun01

Madison corporation purchased 40% of jay corporation for $400,000 on january 1. on june 20 of the same year, jay corporation declared total cash dividends of $100,000. at year-end, jay corporation reported net income of $500,000. the balance in madison corporation's long-term investment-jay corporation account as of december 31 should be:

multiple choice

a. $640,000.
b. $240,000.
c. $740,000.
d. $400,000.
e. $560,000.

Answers: 3

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Madison corporation purchased 40% of jay corporation for $400,000 on january 1. on june 20 of the sa...

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