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On January 1, 2021, Bonita Ltd, a private company reporting under ASPE, purchased 25% of the common shares of Marigold Corporation for $182,000. Marigold reported
On January 1, 2021, Bonita Ltd, a private company reporting under ASPE, purchased 25% of the common shares of Marigold Corporation for $182,000. Marigold reported profit of $88,000 for 2021 and paid dividends of $12.500 on December 31, 2021. Bonita's year end is December 31, Assuming that there is not a quoted market price for Marigold's shares, and that Bonita elects to report investments with significant influence using the cost method prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent a lly. If no entry is required, select "No Entry for the accounts and enter for the amounts.) Date Account Titles and Explanation Debit Credit
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