Problem: January 2 2018 Aco purchased 11,000 shares of stock of Bco at $14 per share. Aco obtained significant influence as the purchase represents 35% ownership stake in Bco; On August 1 2018 Bco paid cash dividends of $24,000. Aco intended this investment to a long-term investment. On December 31 2018 Bco reported $54,000 of net income for FY 2018. Additionally, the current market price for Bco stock increased to $17 per share at the end of the year.
Determine how much Aco should report for its investment in Bco on December 31, 2018.
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