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Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment...

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Accounting

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000.

During the year, Long Corporation reported net income of $500,000

Paid dividends of $200,000.

Instructions: Assuming this purchase represents a 25% interest, prepare all the journal entries required for the year.

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