Photo Finish Corporation Bought a 40% Interest in the Voting

question 79

Multiple Choice

Photo Finish Corporation bought a 40% interest in the voting stock of Click It Corporation's $1 par value common stock for $20 million (2 million shares at a $10 market price) on March 31,2011.On December 31,2011,Click It paid a $1 million cash dividend declared earlier in 2011 and reported net income for the year ended 2011 of $10 million.On December 31,2011,Click It's stock was trading at $11.50 per share.At what amount will the Click It investment be reported on Photo Finish's December 31,2011 balance sheet?

• A)$20,000,000
• B)$23,000,000
• C)$23,600,000
• D)$24,000,000

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Definitions:

Validation Rule Property

A set of constraints applied to a database field to ensure the data entered meets specific criteria before it can be accepted.

DateHired Field

A specific field in a database table that records the date an employee was hired.

Single-Value Lookup Field

A type of field in a database that allows the user to select a single value from a list, linking it to another table for reference.

OrderDate

A specific column or field in a database or data set that records the date on which an order was placed or processed.