Sheridan Co. invested $980,000 in Skysong Co. for 25% of its outstanding stock. Skysong Co....
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Sheridan Co. invested $980,000 in Skysong Co. for 25% of its outstanding stock. Skysong Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Skysong to answer the following questions.
| Investment in Skysong Co. | |
|---|---|
| 980,000 | |
| 113,000 | |
| 33,900 | |
(a) How much was Sheridan Co.s share of Skysong Co.s net income for the year?
| Net income |
(b) What was Skysong Co.s total net income for the year?
| Total net income |
(c) What was Skysong Co.s total dividends for the year?
| Total Dividends |
(d) How much was Sheridan Co.s share of Skysong Co.s dividends for the year?
| Dividends |
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