Miscellaneous 186. Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value equal to fair value at the beginning of 20x4. On December 20, 20x4 Sauer declares dividends of P80,000, and the dividends remain unpaid at year end. Pahl has not recorded the dividends receivable at December 31. A consolidated working paper entry is necessary to: a. Enter the P80,000 dividends receivable in the consolidated balance sheet. b. Enter P48.000 dividends receivable in the consolidated balance sheet. C. Reduce the dividend payable account to P32,000 in the consolidated balance sheet. d. Eliminate the dividend payable account in the consolidated balance sheet.
Miscellaneous 186. Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value equal to fair value at the beginning of 20x4. On December 20, 20x4 Sauer declares dividends of P80,000, and the dividends remain unpaid at year end. Pahl has not recorded the dividends receivable at December 31. A consolidated working paper entry is necessary to: a. Enter the P80,000 dividends receivable in the consolidated balance sheet. b. Enter P48.000 dividends receivable in the consolidated balance sheet. C. Reduce the dividend payable account to P32,000 in the consolidated balance sheet. d. Eliminate the dividend payable account in the consolidated balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Subject: AFAR
Transcribed Image Text:CHAPTER 3
352
MULTIPLE
I. An in
book
186. Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value equal
to fair value at the beginning of 20x4. On December 20, 20x4 Sauer declares dividends of
P80,000, and the dividends remain unpaid at year end. Pahl has not recorded the dividends
receivable at December 31. A consolidated working paper entry is necessary to:
Miscellaneous
a.
b.
2. Goo
a.
a. Enter the P80,000 dividends receivable in the consolidated balance sheet.
b. Enter P48,000 dividends receivable in the consolidated balance sheet.
C. Reduce the dividend payable account to P32,000 in the consolidated balance sheet.
d. Eliminate the dividend payable account in the consolidated balance sheet.
b.
C.
Paxson
187. Jordan, Inc., holds 75 percent of the outstand
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education