Sofranko Corporation purchased 8,000 shares of Bussey Corporation common stock for $80 per share on January 1, 2014. Bussey reported net income of $240,000 for 2014 and paid dividends of $84,000 during 2014. As of December 31, 2014, the market value of Bussey Corporation common stock was $80 per share. Assuming the shares owned by Sofranko represent 10 percent of the total outstanding stock of
Bussey, the entry to record the receipt of dividend income in Sofranko Corporation's books is:
A) Cash 16,000 Dividend Income 16,000
B) Cash 8,000 Dividend Income 8,000
C) Cash 8,400 Dividend Income 8,400
D) Cash 24,000 Dividend Income 24,000
C
You might also like to view...
The purpose of a ________ network is to help deal with a variety of ongoing and future problems.
A) Service implementation B) Information diffusion C) Problem solving D) Community capacity building
Due to its large population, which country by 2030 will have larger numbers of better educated people than either Europe of North America?
a. China b. Africa c. Australia d. Israel
Which is the correct formula for productivity growth rate? Assume that P1 is the productivity in the period before period P2.
a. (P1 – P2)/P2 b. (P1 + P2)/P1 c. (P2 – P1)/P1 d. (P1 + P2)/P2
A work-life program is any employer-sponsored benefit or working condition that helps an employee manage work and nonwork demands.
Answer the following statement true (T) or false (F)