QUESTION 8 During January 2017, Larry, Inc. acquired 30% of the outstanding common stock of Fred Co. for $1,400,000. This Investment gave Larry the ability to exercise significant influence over Fred. Fred's assets on that date were recorded at $6,400,000 with liabilities of $3,000,000. Any excess of cost over book value of Larry's investment was attributed to unrecorded patents having a remaining useful life of twenty years. In 2017, Fred reported net income of $600,000. For 2018, Fred reported net income of $750,000. Dividends of $200,000 were paid in each of these two years. What was the reported balance of Larry s investment in Fred at December 31, 2018? $1,054,300 $1,485,000 O $1,685,000 $1,647,000 51.609,000