Question: PLEASE ANSWER AND WORK OUT PROBLEM!!! During January 2023, Nelson, Inc, acquired 40% of the outstanding common stock of Fuel Co. for $1,800,000. This investment

PLEASE ANSWER AND WORK OUT PROBLEM!!!

During January 2023, Nelson, Inc, acquired 40% of the outstanding common stock of Fuel Co. for $1,800,000. This investment gave Nelson the ability to exercise significant influence over Fuel. Fuel's assets on that date were recorded at $7,000,000 with liabilities of $4,000,000. Any excess of cost over book value of Nelson's investment was attributed to unrecorded patents having a remaining useful life of ten years. In 2023, Fuel reported net income of $500,000 and paid dividends of $20,000. What was the reported balance of Nelson's Investment in Fuel Co. at December 31, 2023? 3. $1,968000 b. $3,000,000 c. 52,100,000 d 51,900,000 c $2224,000

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