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Question 23 On 01/01/2020, Farmer Co. paid $7 million for a 40% interest in Jackson Inc. During 2020, Jackson reports net income of $1.2 million

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Question 23 On 01/01/2020, Farmer Co. paid $7 million for a 40% interest in Jackson Inc. During 2020, Jackson reports net income of $1.2 million and pays $0.295 million of cash dividends. On 12/31/2020, the market value of Jackson is $20 million. On Farmer's 2020 balance sheet, what is the year-end balance (in millions) of this equity method investment in Jackson? $7.362 $7.48 $7.905 $8.00

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