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Share of income and dividends

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On January 2, Todd Company acquired 40% of the outstanding stockof McGuire Company for $205,000. For the year ending,December 31, McGuire earned income of $48,000 and paid dividends of$14,000.

Required:

Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.

Reference no: EM13124777

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