Question Completion Status: QUESTION 6 Madison Corporation purchased 40% of Jay Corporation for $140,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $35,000. At year-end, Jay Corporation reported net income of $175,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be: $140.000 11

Madison Corporation purchased 40% of jay Corporation for $140,000 on January 1 . On June 20 of the same year, Jay Corporation declared total cash dividends of $35.000. At year-end, Jay Corporation reported net income of $175,000. The balance in Madison's Equity Method investments - fay Corporation account as of December 31 should be