ABC Corp. owns 40% of Magnor Company's common stock. Magnor pays $97,000 in total cash dividends to
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Question:
ABC Corp. owns 40% of Magnor Company's common stock. Magnor pays $97,000
in total cash dividends to its shareholders. Zhang's entry to record this transaction
should include a:
A.Debit to Dividends for $97,000.
B. Debit to Dividends for $38,800.
C. Debit to Long-Term investments for $97,000.
D. Credit to Long-Term Investments for $38,800.
E. Credit to Cash for $97,000.
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1259024962
6th Canadian edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus, Devashis Mitra, Elizabeth Maynes, William Lim
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