Reference no: EM132751769
Question - Information pertaining to dividends from Wray Corp.'s common stock investments for the year ended December 31, 2017 are as follows:
On September 8, 2017, Wray received a $50,000 cash dividend from Seco, Inc., in which Wray owns a 30% interest. A majority of Wray's directors are also directors of Seco.
On October 15, 2017, Wray received a $6,000 dividend from King Co. Wray owns a 5% in King Co.
Wray owns a 2% interest in Bow Corp., which declared a $200,000 cash dividend on November 27, 2017 to stockholders of record on December 15, 2017, payable on January 5, 2018.
What amount should Wray report as dividend income in its Income Statement for the year ended December 31, 2017?
a. $10,000
b. $56,000
c. $4,000
d. $60,000
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