On January 2, 2017, Howdy Doody Corporation purchased 14% of Ranger Corporation's common stock for $50,000....

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On January 2, 2017, Howdy Doody Corporation purchased 14% of Ranger Corporation's common stock for $50,000. Ranger's net income for the years ended December 31, 2017 and 2018, were $17,000 and $54,000, respectively. During 2017, Ranger declared and paid a dividend of $64,500. On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to $67,000. How much should Howdy Doody show in the 2017 income statement as income from this investment? On January 2, 2017, Howdy Doody Corporation purchased 14% of Ranger Corporation's common stock for $50,000. Ranger's net income for the years ended December 31, 2017 and 2018, were $17,000 and $54,000, respectively. During 2017, Ranger declared and paid a dividend of $64,500. On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to $67,000. How much should Howdy Doody show in the 2017 income statement as income from this investment?

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