On January 1, 2012, Gardner Corporation Purchased 25% of the Common

Multiple Choice

On January 1, 2012, Gardner Corporation purchased 25% of the common stock outstanding of Lance Coporation for $250,000. During 2012, Lance Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Long-Term Investment account at December 31, 2012 is:

A) $250,000.
B) $290,000.
C) $330,000.
D) $260,000.