On January 2, Leonard Company acquired 30% of the outstanding stock of Bristol Company for $350,000. For

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On January 2, Leonard Company acquired 30% of the outstanding stock of Bristol Company for $350,000. For the year ending December 31, Bristol Company earned income of $90,000 and paid dividends of $28,000. Prepare the entries for Leonard Company for the purchase of the stock, share of Bristol income, and dividends received from Bristol Company.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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