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| John Smith owns 50% of the common stock of Bally Corp. Smith paid $30,000 for this stock in year 1. At December 31, year 5, it was ascertained that Smith’s 50% stock ownership in Bally had a current value of $180,000. Bally’s cumulative net income and cash dividends declared for the five years ended December 31, year 5, were $275,000 and $40,000 respectively. In Smith’s personal statement of financial condition at December 31, year 5, what amount should be reported as his net investment in Bally? A. $147,500 B. $180,000 C. $117,500 D. $ 30,000 |