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Prepare closing balance for financial statement

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Reference no: EM132519372

Prepare Journal Entries

1) With excess cash, Tom purchased a 30% (30,000 shares) investment in Board Books, Inc. for $1,100,000. Board Books paid a $1 per share dividend for the year and had net earnings of $600,000. Tom Text, Inc. can exercise significant influence over the Company. The total book value of the assets at acquisition date was 1,700,000 and the total fair value of the tangible assets at acquisition date was $2,400,000. The assets have a remaining useful life of 10 years.

Question 1: Prepare closing balance for financial statement of 2019

Reference no: EM132519372

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