ZZ, Inc. acquired 35% of Davis Company's common stock for $300,000 on January 1, 2018....
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ZZ, Inc. acquired 35% of Davis Company's common stock for $300,000 on January 1, 2018. During 2018, Davis Company reported a net income of $150,000 and paid dividends totaling $20,000. For 2019, Davis Company earned a net income of $180,000 and paid dividends totaling $30,000 On December 31, 2019, zz, Inc. sold one-half of its investment in Davis Company for $208,000 cash. Calculate the balance in the investment in Davis Company account at December 31, 2018. Do not use decimals in your
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