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Pharoah Co. invested $920,000 in Novak Co.for 25% of its outstanding stock. Novak Co. pays out 30% of net income in dividends each year. Use

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Pharoah Co. invested $920,000 in Novak Co.for 25% of its outstanding stock. Novak Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Novak to answer the following questions. Investment in Novak Co. 920,000 103,000 30.900 (a) How much was Pharoah Co's share of Novak Co's net income for the year? Net income $ (b) What was Novak Cols total net income for the year? Total net income $ (c) What was Novak Co's total dividends for the year? Total Dividends $ $ (d) How much was Pharoah Co's share of Novak Co's dividends for the year? Dividends $

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