Raleigh Corporation purchased 3,000 shares of Mingo Corporation common stock for $160 per share on January 1,2012,as a long-term investment.Mingo reported net income of $140,000 and $180,000 for 2012 and 2013,respectively,and paid dividends of $50,000 and $60,000 during 2012 and 2013,respectively.Mingo has a total of 10,000 shares outstanding.Compute the following amounts.
a.Amount of investment income recognized by Raleigh Corporation during 2012
b.Balance of Investment in Mingo Corporation account at end of 2012
c.Amount of investment income recognized by Raleigh Corporation during 2013
d.Balance of Investment in Mingo Corporation account at end of 2013

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The Answer of Raleigh Corporation purchased 3,000 shares of Mingo Corporation common stock for $160 per share on January 1,2012,as a long-term investment.Mingo reported net income of $140,000 and $180,000 for 2012 and 2013,respectively,and paid dividends of $50,000 and $60,000 during 2012 and 2013,respectively.Mingo has a total of 10,000 shares outstanding.Compute the following amounts.
a.Amount of investment income recognized by Raleigh Corporation during 2012
b.Balance of Investment in Mingo Corporation account at end of 2012
c.Amount of investment income recognized by Raleigh Corporation during 2013
d.Balance of Investment in Mingo Corporation account at end of 2013

Raleigh Corporation Purchased 3,000 Shares of Mingo Corporation Common Stock