Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on January 1, 2022. Aurna's reported earnings for 2022 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Twilight's net income, not including any income from this investment, was $3,310,000, and it paid dividends of $930,000. On the consolidated financial statements for 2022, what amount should be shown for consolidated dividends? O $160,000 O. $902,000 O$930,000 ON.$950,000 OV. $1,090,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on
January 1, 2022. Aurna's reported earnings for 2022 totaled $512,000, and it paid
$160,000 in dividends during the year. The amortization of allocations related to the
investment was $28,000. Twilight's net income, not including any income from this
investment, was $3,310,000, and it paid dividends of $930,000.
On the consolidated financial statements for 2022, what amount should be shown for
consolidated dividends?
OL $160,000
O. $902,000
O.$930,000
OV.$950,000
OV. $1,090,000
Transcribed Image Text:Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on January 1, 2022. Aurna's reported earnings for 2022 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Twilight's net income, not including any income from this investment, was $3,310,000, and it paid dividends of $930,000. On the consolidated financial statements for 2022, what amount should be shown for consolidated dividends? OL $160,000 O. $902,000 O.$930,000 OV.$950,000 OV. $1,090,000
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