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Lenexa Inc. owns 40% (50 shares) of Fairfax Corporation. On 1/1/2015 Fairfax Corporations board of directors a dividend payment to its stockholders at $2 per

Lenexa Inc. owns 40% (50 shares) of Fairfax Corporation. On 1/1/2015 Fairfax Corporations board of directors a dividend payment to its stockholders at $2 per share. Please record the journal entry for Lenexa Inc. regarding the payment of those dividends out of Fairfax Corporation.

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