Plaster Inc. received a $0.15-per-share cash dividend on 50,000 shares of Gestalt Cor- poration common stock, which
Question:
Plaster Inc. received a $0.15-per-share cash dividend on 50,000 shares of Gestalt Cor- poration common stock, which Plaster Inc. carries as a long-term investment.
(a) As- suming that Plaster In uses the cost method of accounting for its investment in Gestalt Corporation, what account would be credited for the receipt of the $7,500 dividend?
(b) Assuming that Plaster Inc. uses the equity method of accounting for its investment in Gestalt Corporation, what account would be credited for the receipt of the $7,500 dividend?
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