Question: Assume the same basic information as presented in problem 33 except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income

Assume the same basic information as presented in problem 33 except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income for 2011 with an Investment account balance of $826,220. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Company.

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