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Prepare the journal entries of tiger related to its share

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Reference no: EM131790701

On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation's common stock when Eagle had 22,400 shares outstanding. On that date, the following information pertained to Eagle:

Eagle Corporation
Balance Sheet
January 1, 2016
1   Book Value Fair Value
2 Depreciable assets (remaining life, 8 years) $600,000.00 $620,000.00
3 Other non-depreciable assets 290,000.00 300,000.00
4 Total $890,000.00 $920,000.00
5 Liabilities $300,000.00 $330,000.00
6 Shareholders' equity 590,000.00  
7 Total $890,000.00  

During 2016, Eagle earned net income of $120,000 and paid total dividends of $48,000.

Required: 

Prepare the journal entries of Tiger related to its share of Eagle's net income and dividends in 2016.

Reference no: EM131790701

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