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| Page Corp. owns 80% of Saga Corp.’s outstanding capital stock. Saga’s capital stock consists of 50,000 shares of common stock issued and outstanding. Saga’s 2012 net income was $70,000. During 2012 Saga declared and paid dividends of $30,000. In conformity with generally accepted accounting principles, Page recorded the following entries in 2012: A. $ 4,800 B. $0 C. $24,000 D. $ 7,200 |