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Business, 28.05.2020 02:02 gracie0818

Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock, which constitutes 10% of Martin's voting stock on June 30, 2019 for $42 per share. Phillips' intent is to keep these shares beyond the current year. On December 20, 2019, Martin paid a $4,000,000 cash dividend. On December 31, Martin's stock was trading at $45 per share and Martin reported 2019 net income of $52 million. What investment value will be reflected on Phillips' balance sheet at December 31, 2019?

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Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock, which constitu...
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