Question 10\ Myers Company acquired a

60%

interest in Gannon Corporation on December 31, 2020 for

$1,775,000

. During 2021, Gannon had net income of

$1,000,000

and paid cash dividends of

$250,000

. At December 31, 2021, the balance in the investment account should be\

$1,775,000

.\

$2,375,000

.\

$2,225,000

.\

$2,525,000

.

Myers Company acquired a 60% interest in Gannon Corporation on December 31, 2020 for $1,775,000. During 2021 , Gannon had net income of $1,000,000 and paid cash dividends of $250,000. At December 31,2021 , the balance in the investment account should be $1,775,000 $2,375,000. $2,225,000. $2,525,000