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Tracy Co. owns 5,000 of the 10,000 outstanding ordinary shares of Penn Corp. During 2019, Penn earns 120,000 and pays cash dividends of 40,000.

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Tracy Co. owns 5,000 of the 10,000 outstanding ordinary shares of Penn Corp. During 2019, Penn earns 120,000 and pays cash dividends of 40,000. If the beginning balance in the investment account was 240,000, the balance at December 31, 2019 should be Select one: a. 280,000. O b. 240,000. c. 320,000. O d. 288,000.

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