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Question - Pronghorn Co. invested $940,000 in Stellar Co. for 25% of its outstanding stock. Stellar Co. pays out 30% of net income in dividends each year.

Use the information in the following T-account for the investment in Stellar to answer the following questions.

Investment in Stellar Co.

940,000

112,000  

33,600

(a) How much was Pronghorn Co.'s share of Stellar Co.'s net income for the year?

(b) What was Stellar Co.'s total net income for the year?

(c) What was Stellar Co.'s total dividends for the year?

(d) How much was Pronghorn Co.'s share of Stellar Co.'s dividends for the year?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92506196
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