Gilman Company purchased 100,000 of the 250,000 shares of common stock of Burke Corporation on January 1, 2014, at $40 per share as a long-term investment. The records of Burke Corporation showed the following on December 31, 2014: $\begin{array}{lr}
2014 \text { net income } & \$ 575,000 \
\text { Dividends declared and paid during December, 2014 } \
\text { Market price per share } & \$ 30,000
\end{array}$ At what amount should Gilman Company report the Burke investment on the December 31, 2014 balance sheet?

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The Answer of Gilman Company purchased 100,000 of the 250,000 shares of common stock of Burke Corporation on January 1, 2014, at $40 per share as a long-term investment. The records of Burke Corporation showed the following on December 31, 2014: $\begin{array}{lr}
2014 \text { net income } & \$ 575,000 \
\text { Dividends declared and paid during December, 2014 } \
\text { Market price per share } & \$ 30,000
\end{array}$ At what amount should Gilman Company report the Burke investment on the December 31, 2014 balance sheet?

Gilman Company Purchased 100,000 of the 250,000 Shares of Common