Reciprocal Ownership [AICPA Adapted]
Pride Corporation owns 80 percent of Simba Corporation’s outstanding common stock. Simba, in turn, owns 10 percent of Pride’s outstanding common stock.
Required
a. What percent of the dividends paid by Simba is reported as dividends declared in the consolidated financial statements?
b. What percent of the dividends paid by Pride is reported as dividends declared in the consolidated retained earnings statement?
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