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WWW Corporation acquired a subsidiary paying 700 cash with no differential. Subsidiarys Common stock $ 500; retained earnings $200, During Subsidiarys first year of operations;
WWW Corporation acquired a subsidiary paying 700 cash with no differential. Subsidiarys Common stock $ 500; retained earnings $200, During Subsidiarys first year of operations; it generated net income of $100 and paid dividends of $ 40.
Required:
Pass journal entries to update ABCs investment account in Subsidiary.
Pass the basic elimination entry.
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