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Question - Noah reported 2021 net income of $100,000 and paid dividends of $5,000 in December 2021.
On January 1, 2021, Lennie corporation, a public company, acquired 20,000 of the 50,000 outstanding common shares of Noah Corp. for $25 per share.
The fair value of Noah's shares is $24 per share on December 31, 2021.
Required -
1. Prepare the journal entries for Lennie Corporation for 2021, assuming that Lennie can exercise significant influence.
2. Prepare the journal entries for Lennie Corporation for 2021, assuming that Lennie cannot exercise significant Influence and chooses the FV-OCI method.
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