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Prepare journal entries for january

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Reference no: EM132221387

Question - Information pertaining to long-term investments in stock in 2018 by Roto Corporation follows:

Obtained significant influence over rooter Company by buying 27.5% of its 350,000 outstanding Shares of common stock at a total cost of $28 per share on january1, 2018. On June 15, Rooter Company declared and paid a cash dividend of $1.65 per share.

On December 31, Rooter's reported net income was $475,000.

Instructions - Prepare journal entries for january 1, June 15, and December 31 for Roto Corporation.

Reference no: EM132221387

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