CPA MCQ Accounting Chapter 17 Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000. Tracy should report investment revenue for 2010 of

Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000. Tracy should report investment revenue for 2010 of

Accounting Chapter 17

Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000.
Tracy should report investment revenue for 2010 of

a. $16,000.
b. $32,000.
c. $40,000.
d. $48,000.

Answer: D

CPA MCQ

Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000. Tracy should report investment revenue for 2010 of

Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000.Tracy should report investment revenue for 2010 of

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Tracy Co. owns 4,000 of the 10,000 outstanding shares of Penn Corp. common stock. During 2010, Penn earns $120,000 and pays cash dividends of $40,000.
Tracy should report investment revenue for 2010 of