3. Arizona Mines acquired 350,000 shares of Boomer Explosives Inc. on January 1, 2016 for...
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3. Arizona Mines acquired 350,000 shares of Boomer Explosives Inc. on January 1, 2016 for $8.00 per share. This represented 35% of the total outstanding shares in Boomer Explosives Inc. During the year 2016, Boomer Explosives declared net income of $778,000 and a dividend of $2.00 per share. The Boomer Explosives stock ended the trading day on December 31, 2016 at a price of $9.50 per share. During the year 2017, Boomer Explosives declared net income of $940,000 and a dividend of $2.00 per share. The Boomer Explosives stock ended the trading day on December 31, 2017 at a price of $10.75 per share. Provide the value of this investment shown on Arizona Mines' December 31, 2017 balance sheet (showing the completed T-account is sufficient)
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