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On January 2,2023 , Sheffield Corp. purchased 100 of the 1000 outstanding common shares of Sheridan Ltd. for $66000. During 2023 , Sheridan declared total

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On January 2,2023 , Sheffield Corp. purchased 100 of the 1000 outstanding common shares of Sheridan Ltd. for $66000. During 2023 , Sheridan declared total cash dividends of $8000 and reported net income for the year of $27000. If Sheffield uses the cost model to account for its investment in Sheridan, Sheffield's Investment in Sheridan Ltd. account at December 31, 2023 should be $67900.$66000$65200$68700

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