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![Oriole Company owns 4300 of the 10000 outstanding shares of Sheffield Corporation common stock. During 2021, Sheffield earns
$480000 and pays cash dividends of $153000,
If the beginning balance in the investment account was $930000, the balance at December 31, 2021 should be
O $930000.
O $1136400.
O $1257000.
O $1070610.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F927ce6e0-a1c9-42d1-bce4-93f1d9a436b6%2Fabd50992-c0f1-441a-8e71-85c5a88dd094%2F44uu4px_processed.jpeg&w=3840&q=75)
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- Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
- Otter Tail, Inc., began operations in January 2015 and had the following reported net income or loss for each of its 5 years of operations: At December 31, 2019, Otter Tails capital stock was comprised of the following: Otter Tail has never paid a cash or stock dividend. There has been no change in the capital accounts since Otter Tail began operations. The appropriate state law permits dividends only from retained earnings. Required: Prepare a worksheet showing the maximum amount available for cash dividends on December 31, 2019, and how it would be distributable to the holders of the common shares and each of the preferred shares. Show supporting computations in good form.Sunland Company owns 29000 of the 50000 outstanding shares of Taylor, Inc. common stock. During 2021, Taylor earns $1320000 and pays cash dividends of $1050000.Sunland should report investment revenue for 2021 of $765600. $609000. $0. $156600.Oriole Company owns 3100 of the 10000 outstanding shares of Skysong Corporation common stock. During 2021, Skysong earns $360000 and pays cash dividends of $141000.Oriole should report investment revenue for 2021 of $111600. $141000. $67890. $43710.
- Pharoah Company owns 3200 of the 10000 outstanding shares of Sheridan Corporation common stock. During 2021, Sheridan earns $370000 and pays cash dividends of $142000.If the beginning balance in the investment account was $820000, the balance at December 31, 2021 should beSunland Company owns 17200 of the 43000 outstanding shares of Carla Vista, Inc. common stock. During 2025, Carla Vista earns $1080000 and pays cash dividends of $870000. If the beginning balance in the investment account was $690000, the balance at December 31, 2025 is O $690000. O $1122000. O $774000. O $900000.Harrison Co. owns 20,000 of the 50,000 outstanding ordinary shares of Taylor, Inc. During 2021, Taylor earns P800,000 and pays cash dividends of P640,000. If the beginning balance in the investment account was P500,000, the balance at December 31, 2021 should be a. P500,000 b.) P564,000 c.) P660,000 d.) P820,000
- Oriole Company purchased 300 of the 1000 outstanding shares of Sheffield Company's common stock for $680000 on January 2, 2021. During 2021, Sheffield Company declared dividends of $70000 and reported earnings for the year of $400000.If Oriole Company uses the equity method of accounting for its investment in Sheffield Company, its Equity Investments (Sheffield) account at December 31, 2021 should be $680000. $779000. $800000. $659000.Use the info below to answer the following questions: On January 2, 2021, Pirate, Inc. purchased a 30% interest in Tee Corp. for $3, 000, 000 cash. During 2021, Tee's net income was S3, 500, 000 and it paid dividends of S1, 000, 000. Pirate's 2021 income from Tee was: Pirate's Equity Investment balance in Tee at December 31, 2021 will be:Philip Company purchased 250,000 ordinary shares of Smiley Company for P40 per share on April 2, 2020. Smiley Company had 1,000,000 ordinary shares outstanding during 2020, paid cash dividends of P600,000 during 2020, and reported net income of P2,000,000 for 2020. What amount should Philip Company as report revenue from investment for 2020?
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