Question #$9$

If Pop Company owns $15\%$ of the common stock of Son Company, then Pop Company typically:

A$)$ Would record $15\%$ of the net income of Son Company as investment income each year.

B$)$ Would increase its investment account by $15\%$ of Son Company income each year.

C$)$ Would record dividends received from Son Company as investment revenue.

D$)$ All of these answer choices are correct.

Question #$10$

A company purchased a $3-$acre tract of land for a building site for $$350,000.$ The company demolished the old building at a cost of $$12,000,$ but was able to sell scrap from the building for $$1,500.$ The cost of title transfer was $$900$ and artomey fees for reviewing the contract was $$500.$ Property taxes paid were $$3,000,$ of which $$250$ covered the period after the purchase date. The capitalized cost of the land is:

A$)$ $$366,400.$

B$)$ $$364,650.$

C$)$ $$366,150.$

D$)$ $$231,150.$