On July 1, Year 1, a corporation purchased 3,000 shares of E Co.âs 10,000 outstanding shares of common stock for $20 per share but did not elect the fair value option. On December 15, Year 1, E paid $40,000 in dividends to its common shareholders.
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Payne Company reported the following information for the current year: Sales $ 840,000 Average operating assets $ 340,000 Desired ROI 12 % Net income $ 54,000 The company's residual income was: Multiple Choice $40,800. $6,000. $13,200. $19,200.
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