Equity method On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for

Question:

$800,000. For the year ended December 31, Fain earned income of $180,000 and paid dividends of

$60,000. Journalize 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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