Bean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income. What journal entry would Bean Corporation use to record its share of the earnings of Williams Corporation? debit Cash; credit Dividend Revenue Odebit Investment in Williams Corporation Stock; credit Cash Odebit Cash; credit Investment in Williams Corporation debit Investment in Williams Corporation; credit Income of Williams Corporation

Bean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income. What journal entry would Bean Corporation use to record its share of the earnings of Williams Corporation? debit Cash; credit Dividend Revenue Odebit Investment in Williams Corporation Stock; credit Cash Odebit Cash; credit Investment in Williams Corporation debit Investment in Williams Corporation; credit Income of Williams Corporation

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section17.4: Analyzing Financial Statements Using Financial Ratios

Problem 1WT

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