Scott Co. paid $2,800,000 to acquire all of the common stock of Dawn Corp. on January...

 

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Scott Co. paid $2,800,000 to acquire all of the common stock of Dawn Corp. on January 1, 2020. Dawn's reported earnings for 2020 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Scott's net income, not including the investment, was $3,310,000, and it paid dividends of $950,000, On the consolidated financial statements for 2020, what amount should have been shown for consolidated dividends? Multiple Choice $-0- $160,000. $922,000. $950,000. $1,110,000. Scott Co. paid $2,800,000 to acquire all of the common stock of Dawn Corp. on January 1, 2020. Dawn's reported earnings for 2020 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Scott's net income, not including the investment, was $3,310,000, and it paid dividends of $950,000, On the consolidated financial statements for 2020, what amount should have been shown for consolidated dividends? Multiple Choice $-0- $160,000. $922,000. $950,000. $1,110,000.