Multiple Choice
Power Generation Corp. owns 38% of Electric Limited. Net income for Electric Limited for the year ending December 31, 2020, is $450,000. The journal entry prepared by Power Generation Corp. on December 31, 2020, includes a:
A) credit to Long-Term Investment for $171,000
B) debit to Cash for $171,000
C) debit to Long-Term Investment for $171,000
D) debit to Long-Term Investment for $450,000
Correct Answer:
Verified
Correct Answer:
Verified
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