Question 29 4 pts On January 1, 2019, Rex Corporation purchased 30,000 shares (30% of the outstanding stock) of Alamo Corporation for $500,000. Net income reported by Alamo for 2019 was $180,000. Dividends paid by Alamo during 2019 were $60,000. On December 31, 2019 the Alamo Corporation stock was trading at $18 per share. After all necessary adjusting entries are made for the year, the balance in Rex Corporation's Long-Term Investment account for its investment in Alamo Corporation will be: Answer: $