Madison Corporation purchased 40% of Jay Corporation for $400,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $100,000. At year-end, Jay Corporation reported net income of $500,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be: Multiple Choice 0 $740,000 0 $240,000. 0 $560,000. 0 $640,000. 0 $400,000