Equity Method On January 2, 2015, Winstead & Company purchased 1,000,000 shares of the Secrest Company for $32 million. The investment represented 40 percent of the outstanding common shares of The Secrest Company. During 2015, Secrest reported net earnings of $1.05 per share and paid a cash dividend of $0.35 per share. During 2016, Secrest reported net earnings of $1.50 per share and paid a cash dividend of $0.40 per share. Calculate the book value of Winstead's investment in Secrest as of December 31, 2015, and December 31, 2016. 2015 $ 2016 $