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b. Assuming Flounder Inc applies the equity method to account for its investment in Washi, prepare the journal entries to record Flounder Inc's equity in
b. Assuming Flounder Inc applies the equity method to account for its investment in Washi, prepare the journal entries to record Flounder Inc's equity in the net income and the receipt of dividends from Washi Corp. in 2023.
Account Titles | Debit | Credit |
Cash | ||
Investment in Associate | ||
(To record collection of dividend) | ||
Investment In Associate | ||
Investment Income or Loss | ||
(To record investment income) | ||
(To record depreciation of fair value difference) |
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