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Prepare the entries for Bassett Company for the purchase

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Problem - Equity method - On January 2, Bassett Company acquired 30% of the outstanding stock of Nassim Company for $400,000. For the year ending December 31, Nassim Company earned income of $110,000 and paid dividends of $46,000. Prepare the entries for Bassett Company for the purchase of the stock, share of Nassim income, and dividends received from Nassim Company.

Reference no: EM132683638

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