Spin Away Paxco spun off its wholly owned subsidiary, Saxco, by distributing the Saxco stock it owned
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Spin Away Paxco spun off its wholly owned subsidiary, Saxco, by distributing the Saxco stock it owned to Paxco’s shateholders. At the time, Paxco’s investment had a carrying value of $3 million and a fair value of $1 million.
Required What is the parent’s general ledger entry?
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