Malon Corporation uses the equity method to account for its ownership of (35 %) of the common

Question:

Malon Corporation uses the equity method to account for its ownership of $35 \%$ of the common stock of Flynn Packing. During 1996 Flynn reported a net income of $\$ 80,000$ and declares and pays cash dividends of $\$ 10,000$. What recognition should Malon Corporation give to these events?

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