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On January 1, 2020,WaterwayCorp. paid $950000for118750shares ofPharoahCompany's common stock, which represents28% ofPharoah's outstanding common stock.Pharoahreported net income of $245000and paid cash dividends of $61000during 2020.Waterwayshould

On January 1, 2020,WaterwayCorp. paid $950000for118750shares ofPharoahCompany's common stock, which represents28% ofPharoah's outstanding common stock.Pharoahreported net income of $245000and paid cash dividends of $61000during 2020.Waterwayshould report the investment inPharoahCompany on its December 31, 2020, balance sheet at:

a. $950000

b. $1001520

c. $898480

d. $967080

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