Journal entries-cayuga meadows

Reference no: EM13144560

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.

Instructions: Assuming this purchase represents a 25% interest, prepare all the journal entries required for the year

Reference no: EM13144560

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Journal entries-cayuga meadows : Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.

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