John Inc and Victor Inc for its 70% stake in Jinxtor. Jinxtor reported a net income of $3,000,000 for 2013. John's plant and equipment were estimated to provide an additional 5 years of utility to Jinxtor. At what amount would John record its initial investment in Jinxtor?
A) $240,000
B) $500,000
C) $740,000
D) $800,000
Correct Answer:
Verified
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