Valix Finacc vol 1 Problem 11-17 to 20

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 11-17 to 20

Problem 11-17  Answer  D                 

 

Problem 11-18  Answer  D             

Problem 11-19  Answer  B

                                                                                                                                   

Investment in Lax Corporation                                                                                 3,000,000              

Problem 11-20  Answer  C

Total cash dividend                                                                                                   3,000,000

Cumulative net income                                                                                            2,500,000

Liquidating dividend                                                                                                    500,000

Cash (10% x 3,000,000)                                                             300,000

       Dividend income (10% x 2,500,000)                                                                      250,000

       Investment in equity securities                                                                                50,000