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Prepare the entry to record the receipt of the dividend

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Question - On May 20, 2013, Montero Co. paid $1,000,000 to acquire 40% of ORD Corp.'s outstanding stock. Also assume that ORD Corp. paid a $100,000 dividend on November 1, 2013, and reported a net income of $700,000 for 2013.

Required - Prepare the entry to record the receipt of the dividend.

Reference no: EM133172406

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