Question: PLEASE PLEASE PLEASE ANSWER QUICK PLEASE !!! On 1/222, Pax River Corp. purchased 35% of the common shares of Eli Company for $980,000. During the

PLEASE PLEASE PLEASE ANSWER QUICK PLEASE !!!

On 1/222, Pax River Corp. purchased 35% of the common shares of Eli Company for $980,000. During the year earned net income of 450,000 paid dividends to common shareholders totaling 160,000.

Prepare the Journal entry for Pax River to record the purchase and any additional entries related to the investments in 2022. It does not have significant influence over Eli and does not elect the fair value option.

3/15/23, Pax River sells the entire investment in Eli Company for 1,350,000. Record the J.E for 12/31/22. What loss does Pax Ricer realize on the sale?

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