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Prepare concord locomotive journal entries

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Reference no: EM132930968

Problem 1: Concord Locomotive Corporation purchased for $590,000 a 40% interest in Lopez Railways, Inc. This investment enables Concord Locomotive to exert significant influence over Lopez Railways. During the year, Lopez Railways earned net income of $167,000 and paid dividends of $27,000. Prepare Concord Locomotive's journal entries related to this investment.

Reference no: EM132930968

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