Turner Company owns 15% of ICA Company and received a dividend of $470 million from ICA. This dividend would increase Turner's assets by $70,500 (15% of $470 million) on its balance sheet as dividend revenue. It would also increase retained earnings by the same amount on its income statement as net income.

1. Brief Exercise 12-11 (Algo) Equity investments and dividends; financial statement effects
[LO12-5] Turner Company owns 15% of the outstanding stock of ICA Company. During the
current year, ICA paid a $470 milion cash dividend on its common shares. Ignore income taxes.
What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your
answers in whole dollors, not in millions. If there is no effect to on element of the financial
statements, select "No effect"