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Find what additional entry will roberts be required

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Roberts owns 50% of Smith at has a balance in the investment account of $200,000 at December 31, 2015. On January 1, 2016 Roberts purchases an additional 10% ownership in Smith for $70,000. Roberts will Dr. Investment in Smith for $70,000 and credit cash for $70,000.

Problem 1: What additional entry will Roberts be required to make to reflect the increase in ownership?

Reference no: EM133003998

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