Madison Corporation purchased 40% of Jay Corporation for $420,000 on January 1 On June 20 of the same year, Jay Corporation declared total cash dividends of $105,000. At year-end, Jay Corporation reported net income of $525,000. The balance in Madison Corporation's Long-Term Investment-Jay Corporation account as of December 31 should be: Multiple Choice O $420,000 O $777,000 O $252,000 O $672.000 Lote