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On January 1, 2017, Blossom Corporation purchased 40% of the common shares of Blue Company for $155,000. During the year, Blue earned net income of
On January 1, 2017, Blossom Corporation purchased 40% of the common shares of Blue Company for $155,000. During the year, Blue earned net income of $67,000 and paid dividends of $16,750.
Prepare the entries for Blossom to record the purchase and any additional entries related to this investment in Blue Company in 2017.
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