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Hi. Plz help me with this question. thanks 2. At the beginning of 2022 , Thomas Co. bought 20% of Shilling Corp.'s common stock for
Hi. Plz help me with this question. thanks
2. At the beginning of 2022 , Thomas Co. bought 20% of Shilling Corp.'s common stock for $160,000. During 2022, Shilling reported $60,000 of net income and paid $30,000 of dividends. Required: a. Assume that the 20% stock purchase, allowed Thomas to exert significant influence over the operations of Shilling. Prepare the 2022 journal entries. b. Assume that the 20% stock purchase, did not allow Thomas to exert significant influence over the operations of Shilling. Prepare the 2022 journal entries Step by Step Solution
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