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On January 2,2023 , Culver Corp. purchased 100 of the 1000 outstanding common shares of Oriole Ltd. for $70000. During 2023 , Oriole declared total

image text in transcribed On January 2,2023 , Culver Corp. purchased 100 of the 1000 outstanding common shares of Oriole Ltd. for $70000. During 2023 , Oriole declared total cash dividends of $11500 and reported net income for the year of $50000. If Culver uses the cost model to account for its investment in Oriole, Culver's Investment in Oriole Ltd. account at December 31, 2023 should be $70000. $75000. $73850. $68850

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