Question: I need a solution and answer for this one. Thank you. 26. X Corporation purchased 80% of Y Corporation for $250,000 on January 1, 1999.

I need a solution and answer for this one. Thank you.

26. X Corporation purchased 80% of Y Corporation for $250,000 on January 1, 1999. On May 20, 1999, Y Corporation declared total dividends of $30,000. At year-end Y Corporation reported net income of $150,000. The balance in X Corporation's Investment in Y Corporation account as of December 31, 1999, should be: Z

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