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How much shall be recorded as investment income

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Reference no: EM132891611

Question - Heart Corporation owned 20% of Ross Inc's preference share capital and 50% of the ordinary share capital. Ross Inc's share capital outstanding comprised the following at year-end:

10% cumulative preference share capital - 2,000,000

Ordinary share capital - 7,000,000

Ross Inc. reported net income of $5,000,000 for the current year. How much shall be recorded as investment income for the current year if the preference share capital of Ross Inc. are non-cumulative and that Ross Inc. paid $1,000,000 cash dividends for the current year?

Reference no: EM132891611

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