On January 3, 2015, Matteson Corporation acquired 40 percent ofthe outstanding common stock of O’Toole Company for $1,379,000.This acquisition gave Matteson the ability to exercise significantinfluence over the investee. The book value of the acquired shareswas $863,000. Any excess cost over the underlying book value wasassigned to a copyright that was undervalued on its balance sheet.This copyright has a remaining useful life of 10 years. For theyear ended December 31, 2015, O’Toole reported net income of$353,000 and declared cash dividends of $35,000. At December 31,2015, what should Matteson report as its investment in O’Tooleunder the equity method?
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