4. Investments - On December 1, PHL purchased a $100,000, 90-day Canadian government treasury bill for $93,039 to yield 8%. - During the year, PHL purchased 30% of the shares in Western Hotel Company, a company that owns a similar hotel property in a nearby city, for $5 million, a price corresponding to 30% of its book value. Subsequently, Western Hotel Company paid a dividend totalling $100,000 and earned income of $250,000. The fair value of the common shares as at December 31 was $5,100,000. I PHL also purchased common shares of Dufort Corp. as a temporary investment for $43,[H}0. At the end of the year, these shares had a fair value of $47,000, according to the December 31 closing price on the Toronto Stock Exchange. A dividend of $500 was received during the year