(L03) (Equity Method) On January 1, 2017, Pennington Corporation purchased 30% of the common shares of Edwards...
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(L03) (Equity Method) On January 1, 2017, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of $20,000.
Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2017.
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