Equity Method On January 2, 2011, Winstead & Company purchased 1,050,000 shares of the Secrest Company for $32.0 million. The investment represented 40 percent of the outstanding common shares of The Secrest Company. During 2011, Secrest reported net earnings of $1.05 per share and paid a cash dividend of $0.35 per share. During 2012, Secrest reported net earnings of $1.5 per share and paid a cash dividend of $0.4 per share. Calculate the book value of Winstead's investment in Secrest as of December 3 2011, and December 31, 2012. 2011 $ 0 x 2012 $ 0 x