Which of the Following Journal Entries Would Have to Be

question 60

Multiple Choice

Which of the following journal entries would have to be made to record X's share of Y's net income for 2016?

• A)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Investment in } Y & \$ 6,000 & \\
• \hline \text { Investment Income } & & \$ 6,000 \\
• \hline
• \end{array}\]
• B)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Investment in Y } & \$ 50,000 & \\
• \hline \text { Investment Income } & & \$ 50,000 \\
• \hline
• \end{array}\]
• C)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Investment in Y } & \$ 12,000 & \\
• \hline \text { Investment Income } & & \$ 12,000 \\
• \hline
• \end{array}\]
• D)No entry requireD.

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