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SALMAN Company acquires 60 percent of HAMAD Company's common stock for $200,000 at the beginning of the year and gains significant influence over HAMAD. During

SALMAN Company acquires 60 percent of HAMAD Company's common stock for $200,000 at the beginning of the year and gains significant influence over HAMAD. During the year, HAMAD has net income of $40,000 and pays dividends of $30,000. (1 mark) Required:Prepare the journal entries in books of SALMAN Company under the Equity and Cost Method

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