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During 2016 efg services reported net income of 120000 and

Question - Question Number 1 MJG Co. owns 30% of the voting common stock of EFG Inc. MJG uses the equity method to account for its investment. On January 1, 2016, the balance in the investment account was $624,000. During 2016, EFG Services reported net income of $120,000 and paid dividends of $30,000. What is the balance in the investment account as of December 31, 2016?

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Accounting Basics: During 2016 efg services reported net income of 120000 and

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