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Prepare the entries for THT Company for the purchase

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Problem - Equity method - On January 2, THT Company acquired 40% of the outstanding stock of First Alert Company for $155,000. For the year ending December 31, First Alert Company earned income of $42,000 and paid dividends of $12,000. Prepare the entries for THT Company for the purchase of the stock, share of First Alert income, and dividends received from First Alert Company.

Reference no: EM132879197

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