Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1, 2014. Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014. As of December 31, 2014, the market value of Tent Corporation common stock was $80 per share. Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent, the entry
to record the recognition of income by Camp Corporation is:
A) Cash 66,000 Dividend Income 66,000
B) Investment in Tent Corporation 220,000 Income, Tent Corporation Investment 220,000
C) Investment in Tent Corporation 66,000 Income, Tent Corporation Investment 66,000
D) Investment in Camp Corporation 66,000 Cash 66,000
C
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