Mc Qu. 119 Madison Corporation purchased... Madison Corporation purchased 45% of Jay Corporation for $120,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $30,000. At year-end, Jay Corporation reported net income of $150,000. The balance in Madison Corporation's Long-Term Investment-Jay Corporation account as of December 31 should be: $174,000. $120,000. $81,000. $231,000. $201,000