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On January 1, 2019 MBC Corporation purchased a 35% equity in LuLu Company for $190,000. At December 31, 2019 Lulu declared and paid a $50,000
On January 1, 2019 MBC Corporation purchased a 35% equity in LuLu Company for $190,000. At December 31, 2019 Lulu declared and paid a $50,000 cash dividend and reported net income of $80,000 REQUIRED: Prepare the necessary journal entries for MBC Corporation. i i B I F T O P = % 3
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