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Please solve for number 2, having issues calculating that part, thank you in advance. On January 1, Lifestyle Pools purchased 20% of Marshall Fence's common
Please solve for number 2, having issues calculating that part, thank you in advance.
On January 1, Lifestyle Pools purchased 20% of Marshall Fence's common stock for $560,000 cash. By the end of the year, Marshall Fence reported net income of $146,000 and paid dividends of $46,000 to all shareholders. Required: For Lifestyle Pools, record the initial purchase and its share of Marshall Fence's net income and dividends for the year. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Note: Enter debits before creditsStep by Step Solution
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