Photo Finish Corporation Bought a 40% Interest in Click-It Corporation's

Multiple Choice

Photo Finish Corporation bought a 40% interest in Click-It Corporation's $1 par value voting common stock on March 31, 2017. On that date, Click-It paid $20 million for 2 million shares at a $10 market price per share. On December 31, 2017, Click-It paid a $1 million cash dividend declared earlier in 2017, and reported net income for the year ended 2017 of $10 million. On December 31, 2017, Click-It's stock was trading at $11.50 per share. At what amount will the Click-It investment be reported on Photo Finish's December 31, 2017 balance sheet?

A) $20,000,000.
B) $23,000,000.
C) $23,600,000.
D) $24,000,000.