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ABC Corporation acquired a subsidiary paying 700 cash with no differential. Subsidiarys Common stock SR 500; retained earnings SR 200, During Subsidiarys first year of

ABC Corporation acquired a subsidiary paying 700 cash with no differential. Subsidiarys Common stock SR 500; retained earnings SR 200, During Subsidiarys first year of operations; it generated net income of SR 100 and paid dividends of SR 40. (2.0 marks)

Required:

a. Pass journal entries to update ABCs investment account in Subsidiary.

b. Pass the basic elimination entry.

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