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IBM Corporation acquired 25% of Oracle Corporation's outstanding common stock for $2,000,000. Oracle Corporation reported a net income of $8,000,000 for the year. Calculate IBM

· IBM Corporation acquired 25% of Oracle Corporation's outstanding common stock for $2,000,000. Oracle Corporation reported a net income of $8,000,000 for the year. Calculate IBM Corporation's share of income from its investment in Oracle Corporation using the equity method. Also, record the journal entry to recognize this share of income.

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