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Mini Moose Inc. acquired 30,000 shares of Bonobo Inc. stock for $8.90 per share. Bonobo has 80,000 shares outstanding. Mini Moose also paid brokerage fees
Mini Moose Inc. acquired 30,000 shares of Bonobo Inc. stock for $8.90 per share. Bonobo has 80,000 shares outstanding. Mini Moose also paid brokerage fees of $5.00 per share. Bonobo reported net income for the period of $150,000. Based on this information, Mini Moose should record: Select one: a. A debit to its equity investment account for $56,250; credit to investment income for $56,250. b. A credit to its equity investment account for $150,000; debit to investment loss of $150,000. c. A debit to its equity investment account for $150,000; credit to investment income for $150,000. d. A debit to investment income for $56,250; credit to its equity investment account for $56,250 e. A debit to its equity investment account for $93,750; credit to investment income for $93,750
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