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[ The following information applies to the questions displayed below. ] Gioia Company acquired some of the 6 5 , 0 0 0 shares of

[The following information applies to the questions displayed below.]
Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year:
January 10 Purchased 17,875 shares of Tristezza common stock at $11 per share.
December 31 a. Received the current year financial statements of Tristezza Corporation that reported net income of $80,000.
December 31 b. Tristezza Corporation declared a cash dividend of $0.60 per share.
December 31 c. Tristezza Corporation paid the cash dividend declared in (b).
December 31 d. Determined the market price of Tristezza stock to be $10 per share.
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