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Posted on Jul 28, 2024

On December 3 1 , 2 0 1 9 , Cooley Company purchased 6 0 % of McKnight Company s common shares for $ 1

On December

31, 2019,

Cooley Company purchased

60 %

of McKnight Company

s common shares for $

1, 575, 000 .

McKnight Company recorded net income of $

1

million and paid cash dividends of $

250, 000

2020 .

What should Cooley

s investment account balance be on December

31, 2020 ?

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