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Yonkers Inc. purchases 300,000 of the 1,200,000 shares of Vottle for $1,850,000 on February 9. Vottle acknowledges that Yonkers will have significant influence over their
Yonkers Inc. purchases 300,000 of the 1,200,000 shares of Vottle for $1,850,000 on February 9. Vottle acknowledges that Yonkers will have significant influence over their operations. During the year the following transactions occurred: - Vottle declared a dividend of $1.75 per share. - Vottle reported profit for the year of $3,225,000. - Yonkers sold their entire stake in Vottle for $7.50 per share. Record all necessary journal entries for the above transactions (including the purchase)
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