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On january 2 todd company acquired 40 of the outstanding

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On January 2, Todd Company acquired 40% of the outstanding stockof McGuire Company for $205,000. For the year ending,December 31, McGuire earned income of $48,000 and paid dividends of$14,000.

Required:
Prepare the entries for Todd Company for the purchase of the stock,share of McGuire income and dividends received from McGuire.

Reference no: EM13614315

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