On January 1 Lambert Corporation purchased a 25 equity investment
On January 1, Lambert Corporation purchased a 25% equity investment in Dougherty Corporation for $150,000. At December 31, Dougherty declared and paid a $80,000 cash dividend and reported net income of $380,000.
(a) Journalize the transactions.
(b) Determine the amount to be reported as an investment in Dougherty stock at
December 31.

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