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Prepare the required journal entries (on the Investments working paper) for Grass Cutting Inc. to record the following investment transactions for the years 2019 and
Prepare the required journal entries (on the Investments working paper) for Grass Cutting Inc. to record the following investment transactions for the years 2019 and 2020. 2019 June 1 Grass Cutting Inc. purchased 15,000 common shares of Lawns Ltd, as a long-term investment for a total of $254,800. This represents 30% ownership in Lawns Ltd. and results in Grass Cutting Inc, having significant influence over Lawns Ltd. Oct. 1 Grass Cutting Inc. received a $5.35 per share cash dividend from Lawns Ltd, Dec. 31 Lawns Ltd. reported net income of $185,000 for the year. 2020 Jan 10 Grass Cutting Inc. sold 3,000 of the Lawns Ltd. shares for $102,050. Previous NG
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