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Prepare all necessary journal entries in 2010

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Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,000. On December 31, Nadal reported a net income of $85,000 for the year.

Prepare all necessary journal entries in 2010 for each situation.

Reference no: EM13129717

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