What is the effect of receiving a dividend payment on investments classified as available for sale:

Question 11 options:

the total assets will remain unaffected.

the long-term assets will decrease.

Increase in total Equity .

decrease in total liabilities

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Question 12(5 points)

Norman Geological Services had previously acquired five thousand shares of treasury stock at $14 per share. It now sells them at $21 per share. The entry to record this transaction will include a

Question 12 options:

credit to Treasury Stock for $100,000.

debit to Paid-In Capital from Treasury Stock for $35,000.

debit to Treasury Stock for $70,000.

credit to Paid-In Capital from Treasury Stock for $35,000.

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Question 13(5 points)

Fletcher Corporation pays $500,000 to acquire 40% of the equity securities of Venkat Technologies on May 5, 2015. Which of the following will be included in the journal entry to record this transaction?

Question 13 options:

Debit Long-term InvestmentsTrading Investments $500,000.

Debit Long-term InvestmentsVenkat Technologies $500,000.

Debit Long-term InvestmentsAvailable-for-Sale $500,000.

Credit Long-term InvestmentsAvailable-for-Sale $500,000.