Rickard Plumbing purchased 22% of Sammons Pipes\' common shares for $250,000 on January 3, 2017. The CEO of Rickard Plumbing tried to obtain a seat on Sammons\' board of directors in February 2017 but failed. On their December 31, 2017 income statement, Sammons Pipes reported net income of $150,000, and they paid cash dividends of $80,000 on the common shares. What should the balance of Rickard Plumbing\'s Investment in Sammons Pipes account be on December 31, 2017?\n

:A :  $265,400 B :  $300,600 C :  $250,000 D :  $234,600 

Answer rating: 100% (QA)

Ricard initial investment250000 net income ... View the full answer