Pan Services, Inc. owns 32% of voting stock of Grey Investments, Inc. During the year 2017, Grey Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Pan Services record?
A)
Long-term Investments-Grey Investments, Inc. 320,000
Cash 320,000
B)
Cash 102,400
Dividend Revenue 102,400
C)
Cash 102,400
Long-term Investments-Grey Investments, Inc. 102,400
D)
Long-term Investments-Grey Investments, Inc. 102,400
Revenue from Investments 102,400
D .Revenue from Investments = ($320,000 x 0.32 ) = $102,400
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