Madison Corporation purchased 40% of Jay Corporation for $140,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $35,000. At year-end, Jay Corporation reported net income of $175,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be:
A. $259,000.
B. $224,000.
C. $84,000.
D. $140,000.
E. $196,000.
Answer: E
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