1 Wonder Company purchased 35,000 of the 100,000 outstanding shares of Elton Company common stock on January 1, 20X2, for $200,000. The purchase price was equal to the book value of the shares purchased. Elton reported the following: 2 3 4 5 6 7 Year 8 20X2 9 20X3 10 20X4 11 Net Income Dividends 25000 10000 50000 45000 15000 6000 12 Required: 13 Compute the amounts Wonder Company should report as the carrying values of its investment in Elton Company at December 31, 20X2, 20X3, and 20X4. 14 15 Note: Use cells A2 to A13 from the given information to complete this question. 16 17 Elton Shares Outstanding Elton Shares Purchased by Wonder Ownership Percentage 18 19 Elton's Net 20 21 Year 20X2 Puchase Price Income Elton's Dividends Wonder's Carrying Value of Investment in Elton 22 20X3 23 20X4 24 25 26