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Alexy Inc. obtained significant influence over Rebecca Dantonio Company by buying 40% of Dantonio's 500,000...

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Accounting

Alexy Inc. obtained significant influence over Rebecca Dantonio Company by buying 40% of Dantonio's 500,000 outstanding shares of common stock at a cost of $10 per share on January 1, 2015. What is the journal entry if Dantonio Company reported net income of 400,000 for the year?

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