Solved

Camp Corporation Purchased 8,000 Shares of Tent Corporation Common Stock

Question 88

Multiple Choice

Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1,2014.Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014.As of December 31,2014,the market value of Tent Corporation common stock was $80 per share.Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent,the entry to record the recognition of income by Camp Corporation is:


A) Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1,2014.Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014.As of December 31,2014,the market value of Tent Corporation common stock was $80 per share.Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent,the entry to record the recognition of income by Camp Corporation is: A) B) C) D)
B) Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1,2014.Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014.As of December 31,2014,the market value of Tent Corporation common stock was $80 per share.Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent,the entry to record the recognition of income by Camp Corporation is: A) B) C) D)
C) Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1,2014.Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014.As of December 31,2014,the market value of Tent Corporation common stock was $80 per share.Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent,the entry to record the recognition of income by Camp Corporation is: A) B) C) D)
D) Camp Corporation purchased 8,000 shares of Tent Corporation common stock for $80 per share on January 1,2014.Tent reported net income of $220,000 for 2014 and paid dividends of $90,000 during 2014.As of December 31,2014,the market value of Tent Corporation common stock was $80 per share.Assuming the shares owned by Camp represent 30 percent of the total outstanding stock of Tent,the entry to record the recognition of income by Camp Corporation is: A) B) C) D)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q71: Camp Corporation purchased 8,500 shares of Tent

Q81: A short-term investment in a U.S.Treasury bill

Q83: Sofranko Corporation purchased 8,000 shares of Bussey

Q84: When a corporation owns more than 50

Q86: Merckle Corporation owns 40 percent of the

Q90: Garcia Corporation purchased 22,000 shares of Lee

Q91: Use this information to answer the following

Q92: If the maturity date of Treasury bills

Q94: Winters Corporation purchased 15,000 shares of Poores

Q97: Winters Corporation purchased 15,000 shares of Poores

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents