Question: Montero Co holds 100 000 common shares 40 of ORD Corp

Montero Co. holds 100,000 common shares (40%) of ORD Corp. as a long-term investment. ORD Corp. paid a $100,000 dividend on November 1, 2015, and reported a net income of $700,000 for 2015. Prepare Montero’s entries to record
(a) The receipt of the dividend
(b) The December 31, 2015, year-end adjustment required for the investment account.

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  • CreatedApril 23, 2015
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