For Zfaerber
On 1/1/03 Pepper Company acquired 30% voting common stock of Salt Inc for $60 per share. Pepper was able to exercise significant influence over the affairs of Salt. Salt had 50,000 common shares outstanding on 1/1/03. On 7/1/03 Pepper sold all but 500 shares of its investment in Salt. Pepper held all 500 shares through year end. Salt declared and paid a $1 common stock dividend on 3/1/03 and $1.50 per share dividend on 9/1/03. Salts net income was exactly $50,000 each quarter. What amount of revenue should Pepper record for the year 2003? (a) $15,250; (b) $15,750, (c) $30,750 or (d) $31,000
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