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Chambrique invested $4,000,000 in Lucille for 40% of its outstanding stock. Lucille pays out 25% of net income in dividends each year. Chambrique's t-account for
Chambrique invested $4,000,000 in Lucille for 40% of its outstanding stock. Lucille pays out 25% of net income in dividends each year. Chambrique's t-account for this investment is below. Investment in Lucille 4,000,000 430,000 107,500 1) What was Chambrique's share of Lucille's net income for the year? 2) What was Chambrique's share of Lucille's dividends for the year? 3) What was Lucille's total net income for the year? 4) What was Lucille's total dividends for the year? What is the balance in Chambrique's account "Investment in Lucille" at the end of the year? 5)
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