Investment in crustacean account

Assignment Help Accounting Basics

Reference no: EM13129728

Pelican Corporation acquired a 30% interest in Crustacean Incorporated at book value several years ago. Crustacean declared $100,000 dividends in 2005 and reported its income for the year as follows:

Income from continuing operations
$700,000

Loss on discontinued division
(100,000)

Net income
$600,000

Pelican'W s Investment in Crustacean account for 2003 should increase by:

a) $ 150,000

b) $ 160,000

c) $ 180,000

d) $ 210,000

Reference no: EM13129728

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