On January 1, 2009, Pine Corporation Purchased 24,000 of the 30,000

Multiple Choice

On January 1, 2009, Pine Corporation purchased 24,000 of the 30,000 outstanding common shares of Summit Company for $1,140,000.On January 1, 2013, Pine Corporation sold 3,000 of its shares of Summit Company on the open market for $90 per share.Summit Company's stockholders' equity on January 1, 2009, and January 1, 2013, was as follows: The difference between implied and book value is assigned to Summit Company's land.As a result of the sale, Pine Corporation's Investment in Summit account should be credited for

A) $165,000.
B) $206,250.
C) $120,000.
D) $142,500.
E) None of these.