Blanco Company owns 30 percent of Heaton Company. In 20x6, Heaton Company earned $60,000 and paid $40,000

Question:

Blanco Company owns 30 percent of Heaton Company. In 20x6, Heaton Company earned $60,000 and paid $40,000 in dividends. Prepare entries in journal form for Blanco Company’s records on December 31 to reflect this information. Assume that the dividends are received on December 31.

Methods of Accounting for Long-Term Investments

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