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On January 1, 2022, Pharoah Creek Company purchased 5,600 shares of Sheridan Company stock for $460,000. Pharoah Creek investment represents 30 percent of the
On January 1, 2022, Pharoah Creek Company purchased 5,600 shares of Sheridan Company stock for $460,000. Pharoah Creek investment represents 30 percent of the total outstanding shares of Sheridan. During 2022, Sheridan paid total dividends of $100,000 and reported net income of $250,000. What revenue does Pharoah report related to this investment, and what is the amount to be reported as an investment in Sheridan stock at December 31? Revenue $ Investment in Sheridan stock at December 31 $
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