On january 1, 2014, gene corp. paid $800,000 for 100,000 shares of onofine company's common stock, which represents 30% of onofine ′s outstanding common stock. onofine reported net income of $200,000 and paid cash dividends of $60,000 during 2014. gene should report the investment in onofine company on its december 31, 2014, balance sheet at:

$842,000

Explanation:

The computation of the investment amount is shown below:

= Paid amount + net income - cash dividend paid

where,

Paid amount is $800,000

Net income would be = $200,000 × 30% = $60,000

And, the dividend would be = $60,000 × 30% = $18,000

Now put these values to the above formula  

So, the value would equal to

= $800,000 + $60,000 - $18,000

= $842,000

Since 30% represents the ownership, so we calculated the same

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