REFERENCE: Ref.01_11 On January 4,2008,Mason Co.purchased 40,000 Shares (40%)of the Common Stock

REFERENCE: Ref.01_11
On January 4,2008,Mason Co.purchased 40,000 shares (40%) of the common stock of Hefly Corp. ,paying $560,000.At that time,the book value and fair value of Hefly's net assets was $1,400,000.The investment gave Mason the ability to exercise significant influence over the operations of Hefly.During 2008,Hefly reported income of $150,000 and paid dividends of $40,000.On January 2,2009,Mason sold 10,000 shares for $150,000.
-What is the appropriate journal entry to record the sale of the 10,000 shares?

A) A Above
B) B Above
C) C Above
D) D Above
E) E Above

Correct Answer:

Verified

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