3 Madison Corporation purchased 40% of Jay Corporation for $200,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $50,000. At year-end, Jay Corporation reported net income of $250,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be: 45:43 Multiple Choice $120,000 $370,000 $280,000 $320,000 $200.000 Prey 23 of 32 HE Next >