Brief Exercise 12-11 (Static) Equity investments and dividends; financial statement effects [LO12-5] Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No effect". Balance sheet: Income statement: No effect Cash Dividend revenue $ $ $ 0
Brief Exercise 12-11 (Static) Equity investments and dividends; financial statement effects [LO12-5] Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No effect". Balance sheet: Income statement: No effect Cash Dividend revenue $ $ $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brief Exercise 12-11 (Static) Equity investments and dividends; financial statement effects [LO12-5]
Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on
its common shares. Ignore income taxes.
What effect did this dividend have on Turner's 2024 financial statements?
Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No
effect".
Balance sheet:
Income statement:
No effect
Cash
Dividend revenue
$
$
$
0
5
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd51c7cea-2a93-4bbf-918c-990b1a2f8b22%2Fbaf5db9f-88e9-4ac0-93c0-114973ce7b86%2F7hknqu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ces
Brief Exercise 12-11 (Static) Equity investments and dividends; financial statement effects [LO12-5]
Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on
its common shares. Ignore income taxes.
What effect did this dividend have on Turner's 2024 financial statements?
Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No
effect".
Balance sheet:
Income statement:
No effect
Cash
Dividend revenue
$
$
$
0
5
1
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