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What total dollar amount will show on the Income statement, if 10% of the stock is owned and the shares are treated as trading security?
What total dollar amount will show on the Income statement, if 10% of the stock is owned and the shares are treated as trading security?
Based on the following data: 1. Gottsbucks paid $500,000 to buy 10,000 shares of Selfie Stick, on January 2,2018. 2. Selfie Stick declared and paid a $1 per share cash dividend on December 15,2018. 3. Selfie Stick reported Net Income of $600,000 for the year ended December 31, 2018. 4. The fair (market) value of Selfie Stick stock was $55 per share (total value of 10,000 shares is $550,000 ) on December 31, 2018. What total dollar amount of revenues will Gottsbucks show on its Income Statement for 2018 related to the Selfie Stick stock, if it owns 10% of the st.ock of Selfie Stick, and the shares are treated as a Trading Security Step by Step Solution
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