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During 2 0 2 3 and 2 0 2 4 the following events occurred: ( a ) On January 1 , 2 0 2 3
During and the following events occurred:
a On January Norton Industries acquired of the outstanding shares of George Inc. common stock for $ per share. The purchase price of the shares was equal to their book value.
b On June George Inc. paid a $ per share dividend.
c On December George Inc. reported net income of $ On this date the price of George's common stock was $ per share.
d On June George Inc. paid a $ dividend.
e On December George Inc. reported net income of $ and the market price per share was $
Prepare the journal entries to record the above events assuming: a that Norton cannot exercise significant control over the investee under the market method and b that Norton can exercise significant control over the investee under the equity method.
A Market Method
B
Equity Method
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