Response to the following problem:
On October 1, 20X1, Safeway Hospital purchased 100 shares of Paul Company stock at $45 per share; brokerage costs were $26. A $3 per share cash dividend had been declared on September 25, 20X1 to be paid on October 18, 20X1 to stockholders of record at October 8, 20X1.
Required: At what amount should the investment in Paul stock be reported in Safeway's October 31, 20X1 balance sheet?