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Problem - On January 1, 2019, 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:
Balance Sheet
Book Value
Fair Value
Depreciable assets (remaining life, 8 years)
$600,000
$620,000
Other non-depreciable assets
290,000
300,000
Total
$890,000
$920,000
Liabilities
$300,000
$330,000
Shareholders' equity
590,000
During 2019, Eagle earned net income of $120,000 and paid total dividends of $48,000. Prepare the journal entries of Tiger related to its share of Eagle's net income and dividends in 2019.
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