On January 1 Vince Corporation Purchased A 25 Equity In

On January 1, Vince Corporation purchased a 25% equity in Morelli Corporation for $180,000. At December 31, Morelli declared and paid a $60,000 cash dividend and reported net income of $200,000.
(a) Journalize the transactions.
(b) Determine the amount to be reported as an investment in Morelli stock at December 31.

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