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On January 1, 2010 Harris pays $300,000 for 6,000 shares of Horton, representing a 25% ownership. Harris has significant influence. During 2010, Horton earns $200,000

On January 1, 2010 Harris pays $300,000 for 6,000 shares of Horton, representing a 25% ownership. Harris has significant influence. During 2010, Horton earns $200,000 and pays dividends of $2 per share. Harris has net income of $500,000 and pays dividends of $300,000 in 2010. Answer the following: a. How much equity income is recorded by Harris in 2010. b. What is the balance in the Investment in Horton found on Harris books at December 31, 2010

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