Item$3$

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Item $3$

Brief Exercise $12-12($Static$)$ Equity method and dividends; financial statement effects $[$LO$12-6]$

Turner Company owns $40\%$ of the outstanding stock of ICA Company. During the current year, ICA paid a $$5$ million cash dividend on its common shares. Ignore income taxes.

What effect did this dividend have on Turner's $2024$ financial statements?