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please show calculation On October 1, 2019, The Dontfalemy Company purchased shares of the outstanding common stock (and percentage of ownership) of the following companies:
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On October 1, 2019, The Dontfalemy Company purchased shares of the outstanding common stock (and percentage of ownership) of the following companies: the ABC Corp. for $2,100,000 (10%); (i) ABD, Inc. for $3,720,000 (2%); (iii) The ABE Co. for $2,570,000 (8%); and (iv) the ABF Corporation for $3,360,000 (30%). As of December 31, 2019, Dontfalemy had the following data for the companies in which it had invested: Each Company's Net Income Total Market Value of Each Company's Common Stock Company 0 JO ABC ABD ABE ABF $ 864,000 1,210,000 922,000 2.300,000 $ 26,500.000 179.500.000 35,500,000 12,200,000 10 22 In addition, Dontfalemy received checks on December 31, 2019, for dividends from each investee as follows: Company Dividend Received ABC $ 75,000 ABD 30,000 ABE 62,000 ABF 121,000 What journal entries did Donfalemy make with regard to its investments as of December 31, 2019 Step by Step Solution
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