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Orbit Services,Inc

Question 120

Multiple Choice

Orbit Services,Inc.pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments,Inc.on January 5,2019.State Investments,Inc.declares and pays a cash dividend of $1.40 per share on June 14,2019.Which of the following is the correct journal entry for the transaction on June 14,2019?


A)
Orbit Services,Inc.pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments,Inc.on January 5,2019.State Investments,Inc.declares and pays a cash dividend of $1.40 per share on June 14,2019.Which of the following is the correct journal entry for the transaction on June 14,2019? A) B) C) D)
B)
Orbit Services,Inc.pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments,Inc.on January 5,2019.State Investments,Inc.declares and pays a cash dividend of $1.40 per share on June 14,2019.Which of the following is the correct journal entry for the transaction on June 14,2019? A) B) C) D)
C)
Orbit Services,Inc.pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments,Inc.on January 5,2019.State Investments,Inc.declares and pays a cash dividend of $1.40 per share on June 14,2019.Which of the following is the correct journal entry for the transaction on June 14,2019? A) B) C) D)
D)
Orbit Services,Inc.pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments,Inc.on January 5,2019.State Investments,Inc.declares and pays a cash dividend of $1.40 per share on June 14,2019.Which of the following is the correct journal entry for the transaction on June 14,2019? A) B) C) D)

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