Problem 2: Lambert Corporation 1/1: Lambert Corporation purchased a 25% equity investment in Dougherty Corporation for $150,000. Date Account Debit 12/31: Dougherty declared and paid a $80,000 cash dividend. Date Account 12/31 Dougherty reported net income of $380,000 Date Account Credit Debit Credit Debit Credit Determine the amount to be reported as an investment in Dougherty stock at December 31. Investment in Dougherty, 1/1 Less: Dividend Received Plus: Share of reported income Investment in Dougherty, 12/31