Accounting -On January 1, 2013, Anderson Company purchased 40%

| January 30, 2017

Question
On January 1, 2013, Anderson Company purchased 40% of the voting common stock of Barney Company for $2,000,000, which approximated book value. During 2013, Barney paid dividends of $30,000 and reported a net loss of $70,000.

What amount of equity income would Anderson recognize in 2013 from its ownership interest in Barney?
$12,000 income.
$12,000 loss.
$16,000 loss.
$28,000 income.
$28,000 loss.

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