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Question - Agee Corporation acquired a 30% interest in Trent Company on January 1, 2018, for $480,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2018, Trent paid cash dividends of $150,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2018 was $350,000. What is the balance in Agee's equity investment account at the end of 2018?
Prepare in general journal form the entries necessary on the consolidated statements work paper to properly adjust the equipment and building account
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