Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5.10 million cash dividend on its common shares.
What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.)
Balance Sheet
Cash $510,000
$
Income Statement
Dividend Revenue $510,000
I do not know what the second Balance Sheet account should be and the amount.
Answers: 1
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Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a...
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