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Prepare the entries for Yorkshire Company

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Question - On January 2, Yorkshire Company acquired 38% of the outstanding stock of Fain Company for $240,000. For the year ended December 31, Fain Company earned income of $62,000 and paid dividends of $19,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

Reference no: EM132569055

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