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What additional entry will wang 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%. Wng 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.

Reference no: EM132675406

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