Question: 2. Genius Inc., obtained significant influence over K Corp by buying 25% of K Corps 40,000 outstanding ordinary shares at a total cost of $10

2. Genius Inc., obtained significant influence over K Corp by buying

2. Genius Inc., obtained significant influence over K Corp by buying 25% of K Corps 40,000 outstanding ordinary shares at a total cost of $10 per share on January 1, 2018. On June 15, K Corp declared and paid a cash dividend of $30,000. On December 31, K Corp reported a net income of $80,000 for the year Instructions Prepare all the necessary journal entries for 2018 for Genius Inc and compute the balance in

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