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(Solution Download) PE 13-3b Equity method ObJ. 3 On January 2, Yorkshire Company acquired 40% of the outstanding...

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PE 13-3b  Equity method                                                                                    ObJ. 3

On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $500,000. For the year ended December 31, Fain Company earned income of $140,000 and paid dividends of $50,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.



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