Sofranko Corporation Purchased 8,000 Shares of Bussey Corporation Common Stock

Multiple Choice

Sofranko Corporation purchased 8,000 shares of Bussey Corporation common stock for $80 per share on January 1,2014.Bussey reported net income of $240,000 for 2014 and paid dividends of $84,000 during 2014.As of December 31,2014,the market value of Bussey Corporation common stock was $80 per share.Assuming the shares owned by Sofranko represent 10 percent of the total outstanding stock of Bussey,the entry to record the receipt of dividend income in Sofranko Corporation's books is:

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