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Determine the amount to be reported as an investment

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Reference no: EM13538540

On January 1 Kwun Corporation purchased a 25% equity in Connors Corporation for $180,000. At December 31 Connors declared and paid a $60,000 cash dividend and reported net income of $200,000.

Instructions

(a) Journalize the transactions.

(b) Determine the amount to be reported as an investment in Connors stock at December 31.

Reference no: EM13538540

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