Prepare the entries for leonard company

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Reference no: EM13320555

Equity Method On January 2, Leonard Company acquired 40% of the outstanding stock of Bristol Company for $320,000. For the year ending December 31, Bristol Company earned income of $83,000 and paid dividends of $26,000. Prepare the entries for Leonard Company for the purchase of the stock, share of Bristol income, and dividends received from Bristol Company. Jan. 2 Dec. 31-Income Dec. 31-Dividends

Reference no: EM13320555

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