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Question - Rickard Plumbing purchased 22% of Sammons Pipes' common shares for $250,000 on January 3, 2017. The CEO of Rickard Plumbing tried to obtain a seat on Sammons' board of directors in February 2017 but failed. On their December 31, 2017 income statement, Sammons Pipes reported net income of $150,000, and they paid cash dividends of $80,000 on the common shares. What should the balance of Rickard Plumbing's Investment in Sammons Pipes account be on December 31, 2017?
$265,400
$300,600
$250,000
$234,600
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