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The beginning balance sheet of Text Source Co. included an $860,000 investment in Ethan stock (40% ownership, Text has significant influence over Ethan). During the
The beginning balance sheet of Text Source Co. included an $860,000 investment in Ethan stock (40% ownership, Text has significant influence over Ethan). During the year, Text Source completed the following investment transactions:
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(Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Mar. 3: Purchased 8,000 shares at $8 per share of Jack Software common stock as a long-term equity investment, representing 3% ownership, no significant influence. Date Mar. 3 Accounts and Explanation Debit Credit Clear all Check answer
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