On January 1 Year 1 Pepper Company acquired 30% of the votingcommon stock of Sal

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On January 1 Year 1 Pepper Company acquired 30% of the votingcommon stock of Salt Inc. for $60 per share. Pepper was able toexercise significant influence over the affairs of Salt. Salt had50000 common shares outstanding on January 1 Year 1. On July 1Year 1 Pepper sold all but 500 shares of its investment in SaltInc. Pepper held all 500 shares through year-end Year 1. Saltdeclared and paid a $1 per share common stock dividend on March 31Year 1 and a $1.50 per share dividend on September 30 Year 1.Salts net income was exactly $50000 each quarter.

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