Question: Assume Verizon has a 30% owned investee. Also, assume that the investee paid Verizon $8M in dividends and Verizon recorded the following journal entry: Cash

Assume Verizon has a 30% owned investee. Also, assume that the investee paid Verizon $8M in dividends and Verizon recorded the following journal entry:

Cash $11M Dividend Income $11M

What would be the effect on the following items on Verizon's financials (overstated, understated, or no effect):

Circle one:

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