Duke Energy Corporation accounts for certain investments under the equity method, and as of December 31, 2008, Duke reported equity method investments of $473 million on its balance sheet and $696 million on its 2007 balance sheet. Equity income on the income statement totaled ($102) million for 2008.
a. Assume that Duke owns approximately 40 percent of the outstanding common stock of the affiliates and made no additional equity investment on sales during 2008. How much net loss did the affiliates report for 2008?
b. How much in dividends did Duke receive in 2008?