Madison Corporation purchased 40% of Jay Corporation for $180,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $45,000. At year-end, Jay Corporation reported net income of $225,000. The balance in Madison Corporation's Long-Term Investment-Jay Corporation account as of December 31 should be:
A. $252,000.
B. $333,000.
C. $108,000.
D. $180,000.
E. $288,000.
Answer: A
Business
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