On January 1, 2012, Pine Corporation purchased 24,000 of the 30,000 outstanding common shares of Summit Company for $1,140,000. On January 1, 2016, Pine Corporation sold 3,000 of its shares of Summit Company on the open market for $90 per share. Summit Company's stockholders' equity on January 1, 2012, and January 1, 2016, was as follows: The difference between implied and book value is assigned to Summit Company's land. As a result of the sale, Pine Corporation's Investment in Summit account should be credited for:

Question

On January 1, 2012, Pine Corporation purchased 24,000 of the 30,000 outstanding common shares of Summit Company for $1,140,000. On January 1, 2016, Pine Corporation sold 3,000 of its shares of Summit Company on the open market for $90 per share. Summit Company's stockholders' equity on January 1, 2012, and January 1, 2016, was as follows:  The difference between implied and book value is assigned to Summit Company's land. As a result of the sale, Pine Corporation's Investment in Summit account should be credited for:

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The Answer of On January 1, 2012, Pine Corporation purchased 24,000 of the 30,000 outstanding common shares of Summit Company for $1,140,000. On January 1, 2016, Pine Corporation sold 3,000 of its shares of Summit Company on the open market for $90 per share. Summit Company's stockholders' equity on January 1, 2012, and January 1, 2016, was as follows:  The difference between implied and book value is assigned to Summit Company's land. As a result of the sale, Pine Corporation's Investment in Summit account should be credited for:

On January 1, 2012, Pine Corporation Purchased 24,000 of the 30,000