Question: On January 2 , 2 0 1 9 , SurfCity Co . purchased 1 5 , 0 0 0 shares of Topsail, Inc. for $

On January 2,2019, SurfCity Co. purchased 15,000 shares of Topsail, Inc. for $20 per share. The investment represented 15% of Topsail's outstanding shares. On December 31,2019, each share of Topsail was selling for $18 per share and on December 31,2020, each share of Topsail was selling for $25 per share. Topsail declared and paid dividends totaling $25,000 in both 2019 and 2020. What was the total amount reported on the income statement in 2020 by SurfCity for its investment in Topsail?

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