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On January 1, 2020, Waterway Corporation purchased 34% of the common stock outstanding of Pharoah Corporation for $850000. During 2020, Pharoah Corporation reported net income

On January 1, 2020, Waterway Corporation purchased 34% of the common stock outstanding of Pharoah Corporation for $850000. During 2020, Pharoah Corporation reported net income of $180000 and paid cash dividends of $80000. The balance of the Stock InvestmentsPharoah account on the books of Waterway Corporation at December 31, 2020 is

$850000.

$911200.

$822800.

$884000.

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