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Question - On March 1, 20X7, Que Corporation acquired 16K shares out of 20K total outstanding shares of Mattle Company by issuing its own shares with fair market value of $420,000. On Aug 31, 20X8, Que Corp sold 5K out of the 16K shares for cash consideration of $70 per share (open market value). On Aug 31, 20X8, prior to sale, the shareholders equity of Mattle Co amounted to $600K and the unamortized purchase discrepancy was $70K. The investment was recorded using equity method. Prepare the journal entries Que Corporation would make to record the sale.
Wertz Construction Company decided at the beginning of 2010 to change from the completed contract method to the percentage-of-completion method for financial reporting purposes.
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The following items are taken from the financial statements of Cooper Ltd. for the year ended December 31, 2015: Make an Income Statement
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