eTextbook FULL SCREEN PRINTER VERSIONBACK NEXT> OURCES Brief Exercise 16-3 No er

Question

eTextbook FULL SCREEN PRINTER VERSIONBACK NEXT> OURCES Brief Exercise 16-3 No er Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $16000 and pays a $32.000 cash dividend and declares Record Noler's equity in Lauer's net income and the receipt of dividends from Lauer. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts.) in or Account Titles and Explanation Debit Credit Dec. 31 (To record equty in Plano's net income) Dec. 31 To record dividends received) SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 6 usedSAVE OR LATER

Explanation / Answer

Date Account debit credit Dec 31 Investment in lauer company 48000 Share in net income of affilates 48000 [being share of net income recorded 160000*.30] dec 31 cash 9600 Investment in lauer company [32000*.30] 9600 [share of dividend received ]

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