Assume that, on January 1, 2018, Matsui Co. paid $809,600 for its investment in 35,200 shares of Yankee Inc. Further, assume that Yankee has 160,000 total shares of stock issued.
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During the year ended December 31, 2020, Gluco Inc. split its stock on a 4-for-1 basis. In its annual report for 2019, the firm reported net income of $998,100 for 2019, with an average 213,600 shares of common stock outstanding for that year.
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