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Prepare Flounder journal entries related to this investment

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Question - Flounder Corporation purchased for $320,000 a 25% interest in Murphy, Inc. This investment enables Flounder to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000 and paid dividends of $62,000. Prepare Flounder's journal entries related to this investment.

Reference no: EM133094514

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