Gaw company owns 15 of the common stock of trace, Financial Accounting

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Gaw company owns 15 of the common stock of trace

Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2011 and paid dividends of $60,000 on October 1, 2011. How much income should Gaw recognize on this investment in 2011?

a. $16,500

b. $9,000

c. $25,500

d. $7,500

e. $50,000

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Financial Accounting: Gaw company owns 15 of the common stock of trace

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Financial Accounting: Gaw company owns 15 of the common stock of trace

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