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Fredo, Inc, purchased 10% of Sonny Enterprises for 1,000,000 on January 1, 2018. Sonny recognized a total of 490,000 net income during 2018, paid $39,000

Fredo, Inc, purchased 10% of Sonny Enterprises for 1,000,000 on January 1, 2018. Sonny recognized a total of 490,000 net income during 2018, paid $39,000 of dividends to fredo during 2018, and at December 31, 2018, the market value of Sonny investment increased 1049000

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