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Felicia Company acquired 20,000 of the 80,000 shares of outstanding common stock of Nueces Corporation as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the year:

Felicia Company acquired 20,000 of the 80,000 shares of outstanding common stock of Nueces Corporation as a long-term Investment. The annual accounting perlod for both companles ends December 31. The following transactions occurred during the year Jan. 10 Purchased 20,000 shares of Nueces common stock at $16 per share. Dec. 31 Nueces Corporation reported net income of $97,000. Dec. 31 Nueces Corporation declared and pald a cash dividend of $0.50 per share. Dec. 31 Determined the falr value of Nueces stock to be $15 per share