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Ellis Corporation owns 20,000 of Sandman Incorporated's 50,000 outstanding shares, common stock. During 2018, Sandman earns $1,200,000 and pays cash dividends of $960,000. The investment

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Ellis Corporation owns 20,000 of Sandman Incorporated's 50,000 outstanding shares, common stock. During 2018, Sandman earns $1,200,000 and pays cash dividends of $960,000. The investment account's beginning balance was $750,000. What is the balance on December 31,2018? $1,230,000 $990,000 $846,000 $750,000

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