Lolla Corporation purchased 12% of Kyle Corporation's common stock on January 1st, 2023, for $50,000. Kyle Corporation reported net incomes of $10,000 and $50,000 for the years ending December 31, 2023, and December 31, 2024, respectively. In 2024, Kyle Corporation declared and paid a dividend of $60,000, while no dividends were declared in 2023. The fair value of Lolla's investment in Kyle Corporation's stock increased to $70,000 on December 31, 2024. 

How much income should Lolla Corporation report in its 2024 income statement from this investment?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Lolla Corporation should report 15600 i... View the full answer