Investments in Stocks-Equity Method On March 20, 2022, Reeder Company acquired 88,000 shares of Needed Industries common stock at $65 per share as a long-term investment. Needed has 200,000 shares of outstanding voting common stock. The following additional information is presented for the calendar year ended December 31, 2022: 2022 Nov. 15 Reeder received a cash dividend of $2 per share from Needed Industries. Dec. 31 Needed announced earnings for the year of $250,000. 2023 31 Needed Industries common stock had a closing market price of $56 per share. Jan. 6 Reeder sold a quarter of its shares of Needed Industries at a price of $71 per share.