P Corporation purchased an 80% interest in S Corporation on January 1, 2016, at book value for
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Question:
P Corporation purchased an 80% interest in S Corporation on January 1, 2016, at book value for $300,000. S's net income for 2016 was $90,000 and no dividends were declared. On May 1, 2016, P reduced its interest in S by selling a 20% interest, or one-fourth of its investment for $90,000.
What would be the balance in the Investment of S Corporation account on December 31, 2016.
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