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On January 2, Ubuy.com paid $ 100,000 to acquire 25 percent (10,000 shares) of the common stock of E- Net Corporation. The accounting period for both companies ends December 31. Give the journal entries for the purchase on January 2 and for each of the following transactions that occurred during the year:
July 2 E- Net declared and paid a cash dividend of $ 3 per share.
Dec. 31 E- Net reported net income of $ 200,000.
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