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On January 1, 2023, Cashew Corporation purchased 70,000 of the 210,000 shares of outstanding stock of Peanut Company for $550,000. Net income reported by Peanut

On January 1, 2023, Cashew Corporation purchased 70,000 of the 210,000 shares of outstanding stock of Peanut Company for $550,000. Net income reported by Peanut Company for 2023 was $450,000. Dividends paid by Peanut Company during 2023 were $150,000. The long-term investment will appear on Cashew Corporation's December 31, 2023 balance sheet in the amount of: $650,000. $450,000. $850,000. $700,000

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