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On February 2, 2011 MBH, Inc acquired 30% of the voting common stock of Construction Corporation as a long term investment. Data from Construction Corporation financial statements for the year ended December 31, 2011 include the following:
Net Income $150,000
Dividends $75,000
Require; prepare any necessary journal entries for MBH at December 31, 2011, under the equity method of accounting for investment.
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Common stock balance sheet disclosure
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Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from U.S. sources of $120,000, and U.S. tax liability, before the foreig..
Prepare the general journal entries necessary to record these transactions.
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