On January 1. 2018 Pacer Co. paid $1,920,000 for 60,000 shares of Lennon Co. 's...
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On January 1. 2018 Pacer Co. paid $1,920,000 for 60,000 shares of Lennon Co. 's voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was necessary. Significant influence over Lennon was achieved. Lennon distributed a dividend of $2.50 per share during 2018 and reported net income of $670,000. What was the balance in the investment in Lennon Co. account in financial records if Pacer on December 31, 2018?
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