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On January 1, 2019, the Lee Corporation paid $7,000,000 to acquire 75,000 shares of Maverick Corporation common stock. Maverick Corporation declared and paid $1 per
- On January 1, 2019, the Lee Corporation paid $7,000,000 to acquire 75,000 shares of Maverick Corporation common stock. Maverick Corporation declared and paid $1 per share cash dividends on September 15, 2019. Maverick Corporation reported net income of $2,400,000 for the year ended December 31, 2019.
- Prepare all necessary journal entries for Lee Corporation for 2019 assuming that Lee Corporation does not have significant influence over Maverick Corporation. Be sure to include dates
- Prepare all necessary journal entries for Lee Corporation for 2019 assuming that Lee Corporation uses the equity method because the company owns 30 % of the Maverick Corporations outstanding common stock and the Lee Corporation can exercise significant influence over Maverick Corporation
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