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Marlow Company acquired 40 percent of the voting shares of Brown Company on January 1, 20X8, for $85,000. The following results are reported for Brown
Marlow Company acquired 40 percent of the voting shares of Brown Company on January 1, 20X8, for $85,000. The following results are reported for Brown Company:
20X820X9Net income$20,000$30,000Dividends paid10,00015,000Fair value of shares held by Marlow:January 185,00097,000December 3197,00092,000Required: a. Give all journal entries recorded by Marlow for 20X8 assuming that it carries its investment in Brown at fair value
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