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Cody Industries Owns 35% of Macarthy Company

Question 24

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Cody Industries owns 35% of Macarthy Company. For the current year Macarthy reports net income of $250000 and declares and pays a $60000 cash dividend. Which of the following correctly presents the journal entries to record Cody's equity in Macarthy's net income and the receipt of dividends from Macarthy? Cody Industries owns 35% of Macarthy Company. For the current year Macarthy reports net income of $250000 and declares and pays a $60000 cash dividend. Which of the following correctly presents the journal entries to record Cody's equity in Macarthy's net income and the receipt of dividends from Macarthy?

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