Mike Co. owns 30% of the voting common stock of Turf Services Inc. Charlie uses the equity

Question:

Mike Co. owns 30% of the voting of Turf Services Inc. Charlie uses the equity method to account for its investment. On January 1, 200X, the balance in the investment account was $624,000. During 200X, Turf Services reported net income of $120,000 and paid dividends of $30,000.
Required:
What is the balance in the investment account as of December 31, 2009?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...