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Pelican Company created Sun, Inc. three years ago and has been using the equity method to account for this investment. The following account balances are
Pelican Company created Sun, Inc. three years ago and has been using the equity method to account for this investment. The following account balances are found in each firm's financial statements of the current year, 2020: (*The term "Net income" means Pelican's investment income has been included.) Required: Provide the following figures: 1. Consolidated net income of Pelican and Sun, 2020: 2. Pelican's "Investment in Sun" at 12/31/20 (in Pelican's balance sheet)
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