Reference no: EM13129556
On January 3, 2011, Willis Company purchased 3,000 of the 10,000 outstanding shares of Demi Corp for $300,000. On October 31, 2011, Demi Corp declared dividends of $40,000 and on December 31, Demi Corp had net income of $800,000. What entry would Willis Company make on October 31, 2011?
Debit Investment in Demi. Corp for $12,000
Credit Revenue from Investment for $240,000
Credit Revenue from Investment for $12,000
Credit Investment in Demi. Corp for $12,000
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