On july 1, year 4, fox corp. purchased 3,000 shares of owl co.'s 10,000 outstanding shares of common stock for $20 per share. on december 15, year 4, owl paid $40,000 in dividends to its common stockholders. owl's net income for the year ended december 31, year 4, was $120,000, earned evenly throughout the year. in its year 4 income statement, what amount of income from this investment should fox report?

$18,000

Explanation:

Owl's 1992 income $ 120,000

Percentage owned − 3,000 out of 10,000 shares = 30%

Owned for 6 months (7/1/92 to 12/31/92) = 6/12

Income from investment in Owl

=$120,000 * 30%  * 6/12

=$18,000

NB:

1. The dividends received decrease the investment account, but do not affect the income.

2. In a purchase, income from an investee is acknowledged only from date of purchase.

3. With 30% ownership, important influence is assumed and equity method is used.

the correct answer is:

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the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

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