Fasten Corp owns 35% of Velcro Corp common shares,and is considered to have significant influence.Velcro paid a total of $27,000 in common dividends.Fasten would record the dividend transaction with a
A) Credit to Investment in Velcro Common Shares for $9,450
B) Debit to Investment in Velcro Common Shares for $9,450
C) Debit to Cash for $9,450
D) Credit to Dividends Earned for $9,450
E) Credit to Investment in Velcro Common Shares for $9,450 and Debit to Cash for $9,450
Correct Answer:
Verified
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