Chapter 3 Quiz On January 1, 2XX0, Cheap Camera Corp. paid $3,080,000 to acquire Worldwide Photo, Inc. Cheap Camera used the equity method to account for the investment. The following information is available for the assets, liabilities, and stockholders' equity accounts of Worldwide Photo: Book Value Fair Value $880,000 $880,000 Current assets Land Building (twenty-year life) 380,000 480,000 1,020,000 1,240,000 Equipment (five-year life) 740,000 760,000 Current liabilities Long-term liabilities 160,000 160,000 260,000 260,000 Common stock 560,000 Additional paid-in capital 1,200,000 Retained earnings 840,000 Worldwide Photo earned net income for 2XX0 of $500,000 and paid dividends of $72,000 during the year. The 2XX0 consolidation entry to reverse Cheap Camera's recognition of Worldwide Photo's income and dividends in the current year would include a net credit to Equity Investment for: Select one: a. $428,000 x b. $72,000 O 11:47 AM 5/14/2024

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