On January 1, 2013, Great Corporation purchased 25% of the common stock outstanding of Long… 1 answer below »

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On January 1, 2013, Great Corporation purchased 25% of the common stock outstanding of Long Corporation for $250,000. During 2013, Long Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Stock Investments—Long account on the books of Great Corporation at December 31, 2013 is

$290,000.

$260,000.

$250,000.

$330,000.

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