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Prepare the journal entries for lewis company

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Reference no: EM131804142

On January 2, Lewis Company purchased 5,000 shares of Adams Company (representing 20% of the total outstanding shares) for $45 per share plus a $40 commission. Lewis Company is not able to exercise significant influence over the policies of Adams Company. The following events took place during the year:

December 15 Lewis Company received a dividend of $3.30 per share.
December 30 Adams Company announced that its earnings for the year were $261,000.
December 31 Lewis Company sold 1,000 shares of Adams Company stock for $46 per share less a $40 commission.

Required:

Prepare the journal entries for Lewis Company (if necessary) relating to the above transactions, including the purchase of the Adams shares.

Reference no: EM131804142

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