Chan Inc., a publicly traded company, purchased Dong Ltd.'s common shares for January 1. During the...

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Chan Inc., a publicly traded company, purchased Dong Ltd.'s common shares for January 1. During the year, Dong reported net income declared and paid dividends. The following information pertain to the investment. Percentage of shares purchased Cost of acquisition Net income reported by Dong during the year Dividends paid by Dong during the year Investment's fair value at December 31 20% $ 225,000 350,000 40,000 275,000 Chan Inc., a publicly traded company, purchased Dong Ltd.'s common shares for January 1. During the year, Dong reported net income declared and paid dividends. The following information pertain to the investment. Percentage of shares purchased Cost of acquisition Net income reported by Dong during the year Dividends paid by Dong during the year Investment's fair value at December 31 20% $ 225,000 350,000 40,000 275,000