125971.18content id 5026046 18 bapps/assessment/take/launch.jsp?course assessment id- 252601 1&course id maining Time: 31 minutes, 34 seconds. astion Completion Status Under the equity method, the receipt of cash dividends on an investment in common stock of Wellington Corporation is accounted for as a debit to Cash and a credit to OInvestment in Wellington O retained earnings dividends revenue O Income from Wellington Corporation QUESTION 15 Company X has financing of $5,000,000 of 9% bonds payable, issued at face value. It also has $20 par common stock (150,000 shares) issued for a total of $3,000,000. Company Y has financing of $3,000,000 of 9 % bonds payable, issued at face value. It also has $20 par common stock ( 150,000 shares) issued for a total of $3,000,000. Income tax is at a 40 % rate . Assuming income before bond interest and income taxes is $1,500,000. What is the earnings per share for Company X? Use the following format for your answer: $1.23. QUESTION 16 Which of the following is not a prerequisite to paying a cash dividend? O formal action by the board of directors Sai Click Save and Submit to save and submit. Click Save All Answers to save all answers e e