View Policies Current Attempt in Progress On January 1, 2020, Culver Co. purchased 27,000 shares (a 10% interest) in Elton John Corp. for $1,370,000. At the time, the book value and the fair value of John's net assets were $14,100,000. On July 1, 2021. Culver paid $2,960,000 for 54,000 additional shares of John common stock, which represented a 20% investment in John. As a result of this transaction. Culver owns 30% of John and can exercise significant influence over John's operating and financial policies. Any excess fair value is attributed to goodwill) John reported the following net income and declared and paid the following dividends. Net Income Dividend per Share Year ended 12/31/20 None Six months ended 6/30/21 $670,000 450,000 862.000 None Six months ended 12/31/21 $1.45 Determine the ending balance that Culver Cashould report as its investment in John Corp. at the end of 2021 Investment in Elton John Corp. $ e Textbook and Media Attempts:0 of 3 used Submit Answer Save for later