Multiple Choice
Wolverine Corporation owns 29% of Buckeye Corporation. Net income for Buckeye for the year is $250,000. The journal entry prepared by Wolverine Corporation includes a:
A) debit to Long-Term Investments for $177,500.
B) debit to Long-Term Investments for $72,500.
C) credit to Long-Term Investments for $177,500.
D) credit to Long-Term Investments for $72,500.
Correct Answer:
Verified
Correct Answer:
Verified
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