Madison Corporation purchased 40% of Jay Corporation for $360,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $90,000. At year-end, Jay Corporation reported net income of $450,000. The balance in Madison's Equity Method Investments --Jay Corporation account as of December 31 should be: Multiple Choice $216.000 $576,000 $504,000 $666,000 $360,000