arado, Inc. owns 30% of the outstanding shares of Tako Inc. common stock. During 2021, ako earns $270,000 and pays cash dividends of $80,000. What is the journal entry to recom arado's receipt of dividends from Tako, Inc.? O DR Equity Investment $24,000; CR Cash $24,000 O DR Cash $24,000; CR Dividend Income $24,000 O DR Cash $24,000; CR Equity Investment $24,000 O DR Cash $24,000; CR Investment Income $34 000
arado, Inc. owns 30% of the outstanding shares of Tako Inc. common stock. During 2021, ako earns $270,000 and pays cash dividends of $80,000. What is the journal entry to recom arado's receipt of dividends from Tako, Inc.? O DR Equity Investment $24,000; CR Cash $24,000 O DR Cash $24,000; CR Dividend Income $24,000 O DR Cash $24,000; CR Equity Investment $24,000 O DR Cash $24,000; CR Investment Income $34 000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 25E
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