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Graphic Company purchased 30% of the voting stock of Plainfield Company for $30,000 on January...

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Accounting

Graphic Company purchased 30% of the voting stock of Plainfield Company for $30,000 on January 1 of the current year. During the year, Plainfield Company earned $35,000 net income and paid $7,500 in dividends. At the end of the year, the Investment in Plainfield Company account should have a balance of:

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