What amount be reported as dividend income for grapes corp

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Problem 1: Grapes Corporation purchased 50,000 shares (5% ownership) of Berries Company as non-current investment on January 2, 2020. Grapes received a share dividend of 15% on March 31, 2020 when the market price of the share is ?40. On November 30, Grapes paid ?20 per share special assessment on the shares. On December 15, 2020, Berries paid a cash dividend of ?8 per share. In the December 31, 2020 income statement of Grapes , what amount should be reported as dividend income?

a. ? 460,000

b. ? 60,000

c. ? 400,000

d. ? 150,000

Reference no: EM132945551

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