On January 1, 2010, Phillip Corporation Bought 20% of Dyno

Multiple Choice

On January 1, 2010, Phillip Corporation bought 20% of Dyno Corporation's outstanding stock for $2,000,000 cash. On July 1, 2010, Dyno declared and paid $100,000 cash dividends to its stockholders. Dyno reported $900,000 net income for the fiscal year ended December 31, 2010. What is Phillip's total investment in Dyno at December 31, 2010?

A) $1,980,000
B) $2,000,000
C) $2,160,000
D) $2,180,000
E) $2,640,000