On January 1,2010,Turtle Inc

Multiple Choice

On January 1,2010,Turtle Inc.bought 30% of the outstanding shares of Shell Corporation at a cost of $150,000.The equity method of accounting for this investment is used.During 2010,Shell Corporation reported $40,000 of net income and paid $5,000 in cash dividends.At the end of 2010,the shares had a market value of $160,000.What investment balance will be reported on Turtle's December 31,2010 balance sheet?

A) $150,000
B) $160,000
C) $160,500
D) $162,000