Tractor Corp receives $100,000 of interest income from a Bank
Question # 00778884
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Updated on: 09/29/2020 08:41 AM Due on: 09/29/2020
(a) Tractor Corp receives $100,000 of interest income from a Bank based on its checking account balance.
(b) Tractor Corp receives a dividend from Wheeling It, Inc., a U.S. subsidiary corporation, in the amount of $300,000 and a dividend of $50,000 from Microsoft stock. Tractor owns 85% of the stock of Wheeling It, Inc. and less than 1% of stock of Microsoft.
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Solution: Tractor Corp receives $100,000 of interest income from a Bank