On January 1, 2016, Short Company purchased as an available-for-sale investment, 20,000 shares (15% of the outstanding voting shares) of Daniel Corporation's $1 par value common stock at a cost of $50 per share. During November 2016, Daniel declared and paid a cash dividend of $1.25 per share. At December 31, 2016, end of the accounting period, Daniel's shares were selling at $48. The 2016 financial statements for Short Company should report the following amounts:
A)Option A
B)Option B
C)Option C
D)Option D

Question

On January 1, 2016, Short Company purchased as an available-for-sale investment, 20,000 shares (15% of the outstanding voting shares) of Daniel Corporation's $1 par value common stock at a cost of $50 per share. During November 2016, Daniel declared and paid a cash dividend of $1.25 per share. At December 31, 2016, end of the accounting period, Daniel's shares were selling at $48. The 2016 financial statements for Short Company should report the following amounts: 
A)Option A 
B)Option B 
C)Option C 
D)Option D

Quizplus · Accepted Answer

The Answer of On January 1, 2016, Short Company purchased as an available-for-sale investment, 20,000 shares (15% of the outstanding voting shares) of Daniel Corporation's $1 par value common stock at a cost of $50 per share. During November 2016, Daniel declared and paid a cash dividend of $1.25 per share. At December 31, 2016, end of the accounting period, Daniel's shares were selling at $48. The 2016 financial statements for Short Company should report the following amounts: 
A)Option A 
B)Option B 
C)Option C 
D)Option D

On January 1, 2016, Short Company Purchased as an Available-For-Sale