Photo Finish Corporation bought a 40% interest in Click-It Corporation's $1 par value voting common stock...

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Photo Finish Corporation bought a 40% interest in Click-It Corporation's $1 par value voting common stock on March 31, 2019. On December 31, 2019, Click-It paid a $1 million cash dividend declared earlier in 2019, and reported net income for the year ended 2019 of $10 million. On December 31, 2019, Click-It's stock was trading at $11.50 per share. What effect will the dividend have on the Photo Finish financial statements? Multiple Choice It would increase cash and increase equity in investee earnings. It would increase cash and decrease the investment account. It would increase cash and increase net unrealized gains/losses. It would increase cash and increase the investment account. Photo Finish Corporation bought a 40% interest in Click-It Corporation's $1 par value voting common stock on March 31, 2019. On December 31, 2019, Click-It paid a $1 million cash dividend declared earlier in 2019, and reported net income for the year ended 2019 of $10 million. On December 31, 2019, Click-It's stock was trading at $11.50 per share. What effect will the dividend have on the Photo Finish financial statements? Multiple Choice It would increase cash and increase equity in investee earnings. It would increase cash and decrease the investment account. It would increase cash and increase net unrealized gains/losses. It would increase cash and increase the investment account.