Prepare the entries for todd company for the purchase

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Reference no: EM13189718

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.

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

Reference no: EM13189718

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