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Prime Industries acquired a 70% interest in suburbia Company by purchasing 14,000 of its 20,000 outstanding shares of common stock at book value of S2

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Prime Industries acquired a 70% interest in suburbia Company by purchasing 14,000 of its 20,000 outstanding shares of common stock at book value of S2 $90,000 and in 2017 of $120,000 earned evenly throughout the respective years. Prime received $24,000 di from Suburbia in 2016 and $36,000 in 2017. Prime uses the equity method to record its investment. 41 00 on January 1, 2016. Suburbia reported net income in 2016 of Prime should record investment income from Suburbia during 2017 of

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