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H3Ko H3Ko
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7 years ago
Mars Services, Inc. pays $700,000 to acquire 35% (200,000 shares) of voting stock of Grey Investments, Inc. on January 5, 2017. Grey Investments, Inc. declares and pays a cash dividend of $2.4 per share on June 14, 2017. Which of the following is the correct journal entry for the transaction on June 14, 2017?

A) Long-term InvestmentsGrey Investments, Inc.   480,000   
     Cash      480,000

B) Cash   480,000   
     Long-term InvestmentsMars Services, Inc.      480,000

C) Cash   480,000   
     Long-term InvestmentsGrey Investments, Inc.      480,000

D) Cash   480,000   
     Dividend Revenue      480,000
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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#3
7 years ago
Happy to help Smiling Face with Open Mouth
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