Question: On January 3 , 2 0 2 3 , Sheppard Corporation purchased 1 5 % of Meredith Corporation's common stock for $ 6 0 comma

On January3,2023, Sheppard Corporation purchased15% of Meredith Corporation's common stock for $ 60 comma 000.Meredith's net income for the years ended December31,2023 and 2024 were $18,000 and $56,000 respectively. Meredith declared no dividends during2023; however, during2024, the company declared a $70,000 dividend. On December31,2023, the fair value of Meredith's stock that Sheppard Corporation owned had increased to $ 71 comma 000; in2024, it increased again to $ 75 comma 000. What will be the carrying value of the investment at the end of December31,2024?

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