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On january 10 acme ventures inc purchased 35 of the

Question - On January 10, Acme Ventures Inc. purchased 35% of the outstanding stock of Gamma Ray Manufacturing Corp. The purchase was 38,000 shares at $22 per share. Acme received dividends from Gamma Ray in the amount of $40,000 on June 15 and again on December 15. Gamma reported net income for the year ended December 31 in the amount of $550,000. What is the account balance of Acme's investment in Gamma Ray on December 31?

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Accounting Basics: On january 10 acme ventures inc purchased 35 of the

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