Homework Answers
TURNER COMPANY OWNS 45% SHARES OF ICA COMPANY AND ICA COMPANY DECLARES 4 MILLION CASH DIVIDEND ON ITS COMMON SHARE SO TURNER COMPANY WILL RECEIVED (4*25% = 1) MILLION CASH DIVIDEND...
SO TURNER COMPANY JOURNAL ENTRY IS :
|
DATE |
ACCOUNT & EXPLANATION |
DEBIT |
CREDIT |
|
CASH A/C |
1 MILLION |
||
|
DIVIDEND INCOME A/C |
1 MILLION |
||
|
( TO RECORD CASH DIVIDEND RECEIVED) |
|||
SO TURNER'S 2018 FINANCIAL STATMENT RETAINED EARNING WILL INCREASE BY 1 MILLION AND CASH INCREASE BY 1 MILLION...
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Turner Company owns 25% of the outstanding stock of ICA Company. During the current year, ICA...
Turner Company owns 45% of the outstanding stock of ICA Company. During the current year, ICA...
Turner Company owns 45% of the outstanding stock of ICA Company. During the current year, ICA paid a $4 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered os 5.5).) Balance sheet million million Income statement Cash Cash surrender value of life insurance Discount on...
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please help On January 1, 2018, Beilich Enterprises bought 20% of the outstanding common stock of...
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Mps://newconnect. education.com/flow/con Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a 5510 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.) Balance sheet Income statement ere to search
Turner Company purchased 25% of the outstanding stock of ICA Company for $10,900,000 on January 2, 2021. Turner elects the fair value option to account for the investment. During 2021, ICA reports $840,000 of net income and on December 30 pays a dividend of $580,000. On December 31, 2021, the fair value of Turner's investment has increased to $13,300,000. Prepare the journal entries in the books of Turner to account for this investment during 2021. Assume that Turner will account...
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On January 1, 2018, Beilich Enterprises bought 20% of the outstanding common stock of Wolfe Construction Company for $400.0 million cash. Wolfe's net income for the year ended December 31, 2018, was $200.0 million. During 2018, Wolfe declared and paid cash dividends of $40.0 million. Beilich recorded the investment as follows: ($ in millions) 400.0 Purchase Investment in Wolfe Construction shares Cash 400.0 Net income Investment in Wolfe Construction shares (20% * $200.0 million) Investment revenue 40.6 40.6...
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