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Make all the necessary journal entries

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Question - Topaz, Inc. obtained significant influence over Acme Corporation by buying 25% of Acme's 40,000 outstanding shares of common stock at a total cost of $10 per share on January 1, 2020. On June 15, Acme declared and paid a cash dividend of $40,000 to all stockholders. On December 31, Acme reported a net income of $125,000 for the year. Make all the necessary journal entries in 2020 that result from all of the transactions above involving Topaz and Acme in the text field provided.

Reference no: EM132915007

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