Homework Answers
Cash dividend received from Gondor = $62,800
McVegh Corp. Owns 40% of Gondor company's common stock.
Due to dividend received,
- Cash will increase by $62,800
- Equity method investment will decrease by $62,800
Hence, cash will be debited by $62,800 and Equity method investment will be credited by $62,800.
The entry to record the cash dividend received from Gondor would include Credit to Equity method investment for $62,800.
Second option is correct.
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