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How much should nox show on income statement

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Problem 1: On Jan 2, 2001, Nox Inc brought 15% of CLic company's common stock for $60,000 and classified it as avalable-for-sale securities. CLic's net income for the years ended December 31, 2001 and 2002, were $20,000 and $100,000 respectively. During 2002, CLic declared a dividend of $140,000. No dividends were declared in 2001. On December 31, 2002, the fair value of the CLic common stock owned by Nox had increased to $90,000. How much should Nox show on its 2002 income statement as income from this investment?

Reference no: EM132827985

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