On January 1, 2012, Gardner Corporation purchased 25% of the common stock outstanding of Lance Coporation for $250,000. During 2012, Lance Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Long-Term Investment account at December 31, 2012 is:

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The Answer of On January 1, 2012, Gardner Corporation purchased 25% of the common stock outstanding of Lance Coporation for $250,000. During 2012, Lance Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Long-Term Investment account at December 31, 2012 is:

On January 1, 2012, Gardner Corporation Purchased 25% of the Common