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On January 2, 20Y7, Mikedes Company acquired 37% of the outstanding stock of Violet Compary for $715 , 500 . For the year ended December
On January 2, 20Y7, Mikedes Company acquired 37\% of the outstanding stock of Violet Compary for $715 , 500 . For the year ended December 31, 20Y7, Violet Company oamed income of $108 , 700 and paid dividends of $26 , 400 . On January 31 , 20 Y 8 , Mikedes Company sold all of its investment in Volet Company atock for $751 , 951 . Required: Joumaize the entries for Mikedes Company for the purchase of the stock, the shave or Volet income, the dividends received from Vilet Company, and the sale of the Volot Company stock. Refor to the chart of accounts for the exact wording of the account thites. CNOW jounals do not use lines for joumal explanations. Every line on a journal page is used for doot or creoir entiles. CNOW joumals mif automaticaly indont a credit entry when a credit amount is entered
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