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Compute the balance in the stock investment

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Reference no: EM131905000

James (investor) Corporation acquires 35% of the common shares of Heck (investee) Company for $300,000 on January 1, 2014.

For 2014, Heck reports net income of $50,000 and paid dividends of $16,000.

Instructions

a. Prepare the entries for these transactions that James Corporation would make in the space provided below.

b. Compute the balance in the stock investment account of James Corporation

Reference no: EM131905000

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