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Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 358 common shares of XLT Co. as a

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Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 358 common shares of XLT Co. as a short-term investment at a cost of $47 per shore. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.58 per share from XLT in dividends

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