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the common stock outstanding of Long Corporation

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the common stock outstanding of Long Corporation 1. Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $3 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the receipt of the dividends on June 1 would include a a. debit to Stock Investments for $9,000. b. credit to Dividend Revenue for $9,000. c. debit to Dividend Revenue for $9,000. d. credit to Stock Investments for $9,000. 2. Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $2 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the sale of the stock would include a a. debit to Cash for $24,000. b. credit to Gain on Sale of Stock Investments for $1,200. c. debit to Stock Investments for $20,400. d. credit to Gain on Sale of Stock Investments for $3,000. 3. Wise Company owns 30% interest in the stock of Dark Corporation. During the year, Dark pays $20,000 in dividends to Wise, and reports $200,000 in net income. Wise Company’s investment in Dark will increase Wise’s net income by a. $6,000. b. $60,000. c. $66,000. d. $80,000. 4. Nickel Company owns 30% interest in the stock of Finn Corporation. During the year, Finn pays $25,000 in dividends, and reports $200,000 in net income. Nickel Company’s investment in Finn will increase by a. $25,000. b. $60,000. c. $67,500. d. $52,500. 5. On January 1, 2013, Great Corporation purchased 25% of the common stock outstanding of Long Corporation for $250,000. During 2013, Long Corporation reported net income of $80,000 and paid cash dividends of $40,000. The balance of the Stock Investments—Long account on the books of Great Corporation at December 31, 2013 is a. $250,000. b. $290,000. c. $330,000. d. $260,000. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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