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Grant, Inc. acquired 30% of South Company's common stock for $350,000 on January 1, 2011. During 2011, South Company reported a net income of $120,000 and paid dividends totaling $30,000.For 2012, South company paid 60% of its net income to stockholders as dividends. On December 31, 2012, Grant Inc. sold one half of its investments to South Company on its 2012 income statement (note the amountof the gain has been intentionally omitted from the given information).
Please answer the following two questions:
1) Calculate the balance in the investment in South Company account reported on Grant, Inc.'s December 31, 2011 balance sheet.
2) Assume the total increase to Grant, Inc.'s 2012 net income resulting from its investment in South Company's stock was $103,500. Calculate the net income reported by South Company in 2012.
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