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Assume that US Company owns 50% of Lincoln Company. During year X1, Lincoln Company reported a net income of $100,000 and an OC Gain of

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Assume that US Company owns 50% of Lincoln Company. During year X1, Lincoln Company reported a net income of $100,000 and an OC Gain of $30,000. Which of the following entries should US Company make for its Investment in Lincoln Company in year X1? Select one: a. Debit Investment for $50,000 and Credit Investment Income for $50,000 b. Debit Investment for $65,000 and Credit Investment Income for $65,000 c. Debit Investment for 565,000, Credit Investment Income for $50,000, and Credit OC Gain for $15,000 d. None of the Above

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