Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texass equity in Planos net income and the receipt of dividends from Plano.
Chapter 16, Brief Exercises #3
Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texas’s equity in Plano’s net income and the receipt of dividends from Plano.
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Related Book For 
Accounting Principles
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-0470534793