Bharrat Corporation Purchased 40% of Ferris Corporation for $100,000 on January

question 150

Multiple Choice

Bharrat Corporation purchased 40% of Ferris Corporation for $100,000 on January 1. On October 17 of the same year, Ferris Corporation declared total cash dividends of $12,000. At year-end, Ferris Corporation reported net income of $60,000. The balance in the Bharrat Corporation's Long-Term Investment-Ferris account at December 31 should be:

• A) $124,000.
• B) $80,800.
• C) $95,200.
• D) $119,200.
• E) $100,000.

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