Wk 3 - Apply: Application Assignment [due Day 7]AnswerSavedHelp opens in a new windowSave & ExitSubmit Item6 eBookItem 6 Coop Incorporated owns 38 percent of Chicken Incorporated. Both Coop and Chicken are corporations. Chicken pays Coop a dividend of $24,000 in the current year. Chicken also reports financial accounting earnings of $34,000 for that year. Assume Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the book-tax difference to Coop associated with its investment in Chicken stock (ignoring the dividends received deduction)? Multiple Choice $11,080 unfavorable $11,080 favorable $24,000 unfavorable $24,000 favorable None of the choices is correct. PrevQuestion 6 of 14 Total6 of 14