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Fredo, Inc., purchased 10% of Sonny Enterprises for dollar 1,000,000 on January 1, 2016. Sonny recognized a total of dollar 400,000 net income during 2016,

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Fredo, Inc., purchased 10% of Sonny Enterprises for dollar 1,000,000 on January 1, 2016. Sonny recognized a total of dollar 400,000 net income during 2016, paid dollar 30,000 of dividends to Fredo during 2016, and at December 31, 2016, the market value of the Sonny investment increased to dollar 1, 040,000

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