Equity Method Company X acquired 40% of the voting stock of Company Y for $90 million cash.

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Equity Method Company X acquired 40% of the voting stock of Company Y for $90 million cash. In year one, Y had a net income of $50 million and paid cash dividends of $20 million. Prepare a tabulation that uses the equity method of accounting for X's investment in Y. Show the effects on the balance sheet equation. What is the year-end balance in the Investment in Y account under the equity method?

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