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Question - On January 1, 2019, X Inc. purchased 25% of the voting shares of Y Inc. for $100,000. The investment is reported using the equity method. Y's net income and declared dividends for the following three years are as follows:
Net Income
Dividends
2019
$50,000
$20,000
2020
$70,000
$80,000
2021
$30,000
$60,000
Required -
a. What is X's share of Y's net income for 2020?
b. What would be the carrying value of X's Investment in Y at the end of 2021?
c. Prepare the journal entry to record X's share of Y's net income for 2019?
Prepare a statement of Retained Earnings
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