Power Generation Corp

question 33

Multiple Choice

Power Generation Corp. owns 38% of Electric Limited. Net income for Electric Limited for the year ending December 31, 2020, is $450,000. The journal entry prepared by Power Generation Corp. on December 31, 2020, includes a:

• A) credit to Long-Term Investment for $171,000
• B) debit to Cash for $171,000
• C) debit to Long-Term Investment for $171,000
• D) debit to Long-Term Investment for $450,000

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Definitions:

Trial Court

The level of court in which a case is first heard and evidence is presented, serving as the initial forum for legal disputes.

Civil Procedure

The body of law governing the process and procedures by which civil matters are adjudicated in the court system.

Procedural Due Process

A principle required by the Constitution that when the state or federal government acts in such a way that denies a citizen of a life, liberty, or property interest, the person must first be given notice and the opportunity to be heard.

Daimler AG

A multinational automotive corporation headquartered in Stuttgart, Germany, known for manufacturing premium vehicles under the Mercedes-Benz brand.