Pharoah SE owns 30% of Plano Company. For the current year, Plano reports net income of £230,000 and declares and pays a

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Pharoah Se Owns 30 Of Plano Company For The Current Year Plano Reports Net Income Of 230 000 And Declares And Pays A 1 (18.48 KiB) Viewed 38 times

Pharoah SE owns 30% of Plano Company. For the current year, Plano reports net income of £230,000 and declares and pays a €46,000 cash dividend. Record Pharoah's equity in Plano's net income and the receipt of dividends from Plano. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Dec. 31 (To record equity in Lauer's net income) (To record dividends received)