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Company E acquired 20% of the outstanding common stock of Company F for $200,000. Company F reported a net income of $500,000 for the year.

ยท Company E acquired 20% of the outstanding common stock of Company F for $200,000. Company F reported a net income of $500,000 for the year. Calculate Company E's share of income from its investment in Company F using the equity method. Also, record the journal entry to recognize this share of income.

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