Question 18 Not yet answered Marked out of on 1/1/2017 Assume that Home Corp. acquired 25% of the ordinary shares of South Corp for $300,000 During 2017, South Corp. reported net income of $160,000 and paid total dividends $60,000. If Home uses the equity method to account for its investment, the credit side in the journal entry to record gain from investment account on December 31, 2017, will be 1.50 P Flag question Select one: a. gain from Investment 60,000 b. investment 40,000 c. cash 40,000 @ d. gain from Investment 40,000 Question 15 Luck Corporation issues 100 shares of $10 par value preference shares at $12 per share .In recording the transaction, debit are made to Not yet answered Marked out of 1.50 P Flag question Select one: a. preference shares 1,000 and share premium -preference 200 O b. cash 1,000 c. preference shares 1,200 d. cash 1,200 Question 14 All but one of the following is reported in a retained earnings statement The exception is: Not yet answered Marked out of 1.50 P Flag question Select one: O a. prior period adjustments b. sales revenue. O c. net income and net loss. d. cash and share dividends. Question 13 A corporation acts under its own name rather than in the name of its stockholders Not yet answered Marked out of 1.00 Select one: O True P Flag question O False