Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grifin Corporation invested $ 132,000to acquire 23,000 shares of Deita Technologies, Inc. on March 1,2017.On July 2, 2017, Deita pays a cash dividend of $1.75

image text in transcribed
image text in transcribed
image text in transcribed
Grifin Corporation invested $ 132,000to acquire 23,000 shares of Deita Technologies, Inc. on March 1,2017.On July 2, 2017, Deita pays a cash dividend of $1.75 per share. The investment is classified as an available-for-sale investment. Which of the following is the correct journal entry to record the transaction on July 2, 2017? O A Cash O B. Cash 40,250 40,250 Long-term Investments-Available-for-Sale Long-term Investments Trading Investments Dividend Revenue 40,250 40,250 O C. Cash 40,250 O D. Cash 40.250 40,250 Long-term Investments-Held-so-Maturity Cick to select your answer 20 a 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Art Of Auditing Uncovering Core Principles Of Audit Profession

Authors: Ignatius Ravi

1st Edition

B0CC7FFYP6, 979-8852090959

More Books

Students also viewed these Accounting questions