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On January 1, 20X4, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at

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On January 1, 20X4, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $480.000 at December 31, 20X4. Orr reported net income of $300,000 for the year ended December 31, 20X4, and paid common stock dividends totaling $120,000 during 20X4. How much did Sloane pay for its 25% interest in Orr? (Extra

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