On January 1, 2013, Cornwall Corp Purchased 25% of the Common

Multiple Choice

On January 1, 2013, Cornwall Corp purchased 25% of the common shares of London Corp for $400,000. During 2013, London Corp reported profits of $60,000 and paid total cash dividends of $12,000. The balance in the Investment in Associates (London) account on Cornwall's books at December 31, 2013 is

A) $460,000.
B) $415,000.
C) $412,000.
D) $400,000.