Monfil Company acquired 38% of the outstanding stock of Mahomes Company for $614,000. During the current year, Mahomes Company earned net income of $260,000 and declared and paid cash dividends of $72,000.  what will be The journal entry Monfil would make to record the receipt of dividends.

Answer rating: 100% (QA)

To record the receipt of dividends from Mahomes Company Monfil would ... View the full answer