On January 1,2019,as a Long-Term Investment,John Company Purchased 1,000 of the 10,000

Essay

On January 1,2019,as a long-term investment,John Company purchased 1,000 of the 10,000 outstanding voting common shares of Wayne Corporation at $9 per share.Wayne reported 2019 net income of $30,000 and declared and paid cash dividends of $20,000.The market price of the Wayne stock at the end of 2019 was $10 per share.Calculate the carrying value of John's investment at the end of 2019.