What additional entry robert be required to make to reflect

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Problem 1: Wang owns 30% of Chen and at December 31, 2015 the balance in Wang's investment account equals $400,000. On January 1, 2016 Wang purchases an additional 40% ownership in Chen for $600,000, bringing Wang's ownership up to 70%. Wang will Dr. Investment in Chen for $600,000 and credit cash for $600,000. What additional entry will Wang be required to make to reflect the increase in ownership. 6. Roberts owns 90% of Smith at has a balance in the investment account of $200,000 at December 31, 2015. On January 1, 2016 Roberts purchases an additional 10% ownership in Smith for $70,000. Roberts will Dr. Investment in Smith for $70,000 and credit Cash for $70,000. What additional entry will Roberts be required to make to reflect the increase in ownership.

Reference no: EM133003997

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