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On January 1, 2017, Monty Corporation purchased 40% of the common shares of Flounder Company for $201,000. During the year, Flounder earned net income of

On January 1, 2017, Monty Corporation purchased 40% of the common shares of Flounder Company for $201,000. During the year, Flounder earned net income of $77,000 and paid dividends of $19,250. Prepare the entries for Monty to record the purchase of stock, recipt of divdends, and to record revenue

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