On January 1, 2017, XYZ Company purchased 10,000 shares of the stock of Perry Co, and did obtain significant

influence. The investment is intended as a long-term investment. The stock was purchased for $50,000, and represents a 40% ownership stake. Perry made $60,000 of net income in 2017, and paid dividends of $10,000. The price of Perry’s stock increased from $5 per share at the beginning of the year, to $7 per share at the end of the year.

Requirements:

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