On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company for $350,000. For the year ended December 31, Fain Company earned income of $91,000 and paid dividends of $28,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company. Jan. 2 - Purchase Dec. 31 - Income Dec. 31 - Dividends
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On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company for $350,000....
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