Exercise 119

Agee Corporation acquired a 30% interest in Trent Company on January 1, 2018, for $480,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2018, Trent paid cash dividends of $150,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2018 was $350,000. What is the balance in Agee's equity investment account at the end of 2018?

Balance in equity investment account is