On January 2, 2010, Pfizer Co. purchased 22% of Wiley Company's voting stock for $150,000. During 2010, Wiley recorded income of $102,000 and paid total dividends of $27,000. Pfizer uses the equity method to account for this investment. What is the December 31, 2010, balance sheet value of its long-term equity investment in Wiley?
A) $178,380
B) $225,000
C) $150,000
D) $166,500
Correct Answer:
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