Joseph Inc. acquired 10% of Thomp Corp.'s common shares at the beginning of the year for $500,000. Undistributed income was $10,000. During the second year, the company earned income of $120,000 and declared a dividend of $150,000. What will be the carrying amount of investments at the end of the second year on the books of Joseph Inc?

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To determine the carrying amount of investments at the end of the second year on the books of Joseph ... View the full answer