Montero Co. holds 100,000 common shares (40%) of ORD Corp. as a long-term investment. ORD Corp. paid

Question:

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, 2017, and reported a net income of $700,000 for 2017. Prepare Montero’s entries to record (1) the receipt of the dividend and (2) the December 31, 2017, year-end adjustment required for the investment account.

Fantastic news! We've Found the answer you've been seeking!