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What amount should Wray report as dividend income

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Reference no: EM132783344

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.

Required - 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

Reference no: EM132783344

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