Prepare skysong journal entries related to this investment

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Question - Skysong Corporation purchased for $306,000 a 30% interest in Murphy, Inc. This investment enables Skysong to exert significant influence over Murphy. During the year, Murphy earned net income of $175,000 and paid dividends of $57,000. Prepare Skysong's journal entries related to this investment.

Reference no: EM132676953

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