(Equity Method) On January 1, 2007, Pennington Corporation purchased 30% of the common shares of Edwards Company...
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(Equity Method) On January 1, 2007, 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 2007.
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Related Book For 
Intermediate Accounting 2007 FASB Update Volume 2
ISBN: 9780470128763
12th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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