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Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $4.40 million cash dividend on its common
Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $4.40 million cash dividend on its common shares. What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign. If there is no effect to an element of the financials statements, select "No effect.) Answer is not complete. Balance sheet: Cash No effect Dividend revenue Income statement: Turner Company owns 35% of the outstanding stock of ICA Company. During the current year, ICA paid a $6 million cash dividend on its common shares. What effect did this dividend have on Turner's 2021 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If there is no effect to an element of the financials statements, select "No effect".) Answer is not complete. Balance sheet: million Investment in equity securities Cash No effect million million Income statement: The fair value of Wallis, Inc.'s depreciable assets exceeds their book value by $45 million. The assets have an average remaining useful life of 15 years and are being depreciated by the straight-line method. Park Industries buys 40% of Wallis's common shares. When Park adjusts its investment revenue and the investment by the equity method, how will the situation described affect those two accounts? (Enter your answer in millions rounded to 2 decimal places (.e., 3,300,000 should be entered as 3.30).) Answer is not complete. by million each year for remaining 15 years. Both accounts would be decreased
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