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On January 1, 2014, as a long-term investment in available-for-sale securities, John Company purchased 1,000 of the 10,000 outstanding voting common shares of Wayne Corporation at $9 per share. Wayne reported 2014 net earnings of $30,000 and declared and paid cash dividends of
$20,000. The market price of the Wayne stock at the end of 2014 was $10 per share. Calculate the carrying value of John's investment at the end of 2014.
Legal Standing
The right of an individual or entity to bring a lawsuit to court based on their stake in the outcome of a controversy needing judicial resolution.
King Philip's War
A conflict between American Indian inhabitants of present-day New England and English colonists and their Indian allies in 1675–1678.
Algonquians
A group of Native American peoples speaking Algonquian languages, originally inhabiting areas of North America from the Atlantic coast to the Great Lakes region.
Metacom
A Native American leader, also known as King Philip, who led a major rebellion against the colonists in New England in the 17th century.
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