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(3 pts) Max Corporation purchased 40% of the outstanding common voting stock of Win Corporation on December 25, 2019, at a cash cost of $25

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(3 pts) Max Corporation purchased 40% of the outstanding common voting stock of Win Corporation on December 25, 2019, at a cash cost of $25 per share. At the date of purchase Max Corporation had outstanding 300,000 shares of common stock (par $1). At year-end, December 31, 2019, Win reported net income of $1,000,000 and declared and paid a $250,000 cash dividend. The December 31, 2019, the market value of Win's stock was $26. Give the journal entries required for Max Corporation on the following dates: December 25, 2019: December 31, 2019

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