Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000

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Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texas’s equity in Plano’s net income and the receipt of dividends from Plano.

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Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Oct 28, 2011 05:30 AM

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Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000

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