Superior Company owns 40% of the outstanding stock f Bernard Company. During 2018, Bernard paid $100,000...
Superior Company owns 40% of the outstanding stock f Bernard Company. During 2018, Bernard paid $100,000 cash dividend on its common shares. What effect did this dividend have on SUperior's 2018 financial statements?
Homework Answers
| Working Notes: 1 | ||||
| Total investment Share in F Bernard Company | 40% | |||
| Total Dividend Declared by Bernard Company | $1,00,000 | |||
| Dividend received by Superior Company = $ 100,000 X 40% = | $40,000 | |||
| Solution: | ||||
| Jounral entry of the same is posted as below by superior company | ||||
| Journal Entries | ||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit |
| 1 | 2018 | Cash | $40,000 | |
| Investment f Bernard Company | $40,000 | |||
| (To record the receipt of share in dividends) | ||||
| It means investment value in Bernard company is reduced by $ 40,000 and cash balance is increase by $ 40,000 | ||||
| Answer = | Effect on Financial Statement of Superior 's 2018 Financial statement is as below, | |||
| Investment in f Bernard company reduced by | $ 40,000 | |||
| Cash balance is increased by | $ 40,000 | |||
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