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On january 2 todd company acquired 40 of the outstanding

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On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.

Required: Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.

Reference no: EM13609554

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