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On January 2, 2020, Petunia Co. purchased a 20% interest in Sawyer, Inc. for $300,000. Fair values of Sawyer's net assets exceeded book value due

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On January 2, 2020, Petunia Co. purchased a 20% interest in Sawyer, Inc. for $300,000. Fair values of Sawyer's net assets exceeded book value due to land undervalued by $400,000. In 2020 Sawyer reported net income of $100,000 and paid no dividends. What is the amount of Equity Investment on the December 31, 2020, balance sheet? A. $320,000 B. $360,000 C. $400,000 D. $300,000

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