On January 1, 2017. Abalone Ltd. acquired 30% of Flounder Corp.'s common shares for $240,000. During 2017, Flounder reported net income of $100,000 and paid total dividends of $60,000. Abalone's 30% interest in Flounder gives Abalone the ability to exercise significant influence over their operating and financial policies. During 2018, Flounder reported net income of $150,000 and paid total dividends of $30,000 on April 1 and $40,000 on October 1. On July 1, 2018. Abalone sold half of its shares in Flounder for $158,000 cash.

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