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On january1 kwum corporation purchase 25 equity in

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Reference no: EM13614347

On January1 Kwum Corporation purchase 25% equity in ConnorsCorporation for $ 180,000. At December 31 Connors declared and paida$ 60,000 cash dividend and reported net income of $200,000.

Instructions

  1. Journalize the transactions
  2. Determine the amount to be reported as an investment in Connorsstock at December 31.

Reference no: EM13614347

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