Student name:__________ 1) Baker Company owns 15% of the common stock of Charlie Corporation and used the fairvalue method to account for this investment. Charlie reported net income of $120,000 for 2024 and paid dividends of $70,000 on October 1, 2024. How much income should Baker recognize on this investment in 2024? A) $18,000 B) $10,500 C) $28,500 D) $7,500 E) $50,000 Question Details AACSB : Knowledge Application AICPA : BB Critical Thinking AICPA : FN Measurement Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Bloom's : Apply Difficulty : 3 Hard Gradable : automatic Learning Objective : 01-02 Describe in general the various methods of accounting for an investment in Topic : Accounting for Investments―Various Methods Source : Chapter 01 Test Bank - Static > TB MC Qu. 01-01 Baker Company owns 15% of the common stock...