Fasten Corp Owns 35% of Velcro Corp Common Shares,and Is

question 56

Multiple Choice

Fasten Corp owns 35% of Velcro Corp common shares,and is considered to have significant influence.Velcro paid a total of $27,000 in common dividends.Fasten would record the dividend transaction with a

• A)Credit to Investment in Velcro Common Shares for $9,450
• B)Debit to Investment in Velcro Common Shares for $9,450
• C)Debit to Cash for $9,450
• D)Credit to Dividends Earned for $9,450
• E)Credit to Investment in Velcro Common Shares for $9,450 and Debit to Cash for $9,450

---

Definitions:

Promoter Site

A region of DNA that initiates transcription of a particular gene.

Messenger RNA

A type of RNA molecule that carries genetic information from DNA to the ribosome, where it directs protein synthesis.

Gene Expression

Multistep process by which the information in a gene guides assembly of an RNA or protein product. Includes transcription and translation.

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms.