Current Attempt in Progress Pronghorn Company owns 30% interest in the stock of Flounder Corporation. During the year, Flounder pays $77000 in dividends to Pronghorn, and reports $412000 in net income. Pronghorn Company's investment in Flounder will increase Pronghorn net income by O $101100. $123600 $24100. O $77000 Save for Later Attempts: 0 of 1 used Submit Answer The cost method of accounting for investments in stock should be used when the investment is non-influential and noncontrolling O controlling influential and noncontrolling O influential and controlling Current Attempt in Progress Oriole Company had these transactions pertaining to stock investments Feb. 1 Purchased 6500 shares of Sheffield Company (10%) for $115700 cash. June 1 Received cash dividends of $2 per share on Sheffield stock. Oct. 1 Sold 2900 shares of Sheffield stock for 56840. Dec. 1 Received cash dividends of $4 per share on Sheffield stock. The entry to record the receipt of the dividends Dec. 1 would include a credit to Dividend Revenue of $14400. debit to Stock Investments of $14400. Odebit to Dividend Revenue of $14400. credit to the Stock Investments of $14400