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On July 1, 2013, Walter Allen Inc. purchased 6,000 shares of the outstanding common stock of Piaffe Corporation at a cost of $140,000. Piaffe had 30,000 shares of outstanding common stock. Assume the total book value and fair value of net assets is $650,000. Both companies have a January through December fiscal year. The following data pertains to Piaffe Corporation during 2013:Dividends declared and paid, Jan. 1 - June 30 $12,000Dividends declared and paid, July 1 - Dec. 31 $12,000Net income, Jan.1 - June 30 $14,000Net income, July 1 - Dec. 31 $18,0001. Prepare the entry to record the original investment in Piaffe.2. Compute any goodwill on the acquisition.3. Prepare all other entries for 2013 under the equity method.
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