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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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G.84.
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