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Prepare the entries for Todd Company

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Question - On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000.

Required - Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income, and dividends received from McGuire.

Reference no: EM132563276

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