$16$ ASSIGNMENT

Question $3$ of $8$

$\frac{-}{12\mathrm{.}5}$

Sheridan Company owns $30\%$ of Lauer Company. For the current year, Lauer reports net income of $$235,000$ and declares and pays a $$47,000$ cash dividend.

Record Sheridan's equity in Lauer's net income and the receipt of dividends from Lauer. $($List all debit entrles before credit entrles. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry Is required, select $"$No entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31$

I

$($To record equity in Lauer's net income$)$

Dec. $31$

$($To record dividends r$$ceived$)$