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What is the balance in the investment account

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Question: On january 1, 2023, Metheny corp purchased 30% of Lyle Mays corporation for 1,200,000. On that date mays book value was 1,070,000. Mays equipment was undervalued by 70,000. Any excess is linked to may's patented Technology with remaining life of 5 years. Prepare Journal entries for metheny to apply the equity method to this investment, taking into account that for the year ended DEC 31,2023. May reports 550,000 in net Income and declared dividends of 30,000. What is the Balance in the investment Account?

Reference no: EM133552193

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