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Jardon Jewelers purchased 3,000,000 of the outstanding 10,000,000 shares of Angel & Associates. At the...

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Accounting

Jardon Jewelers purchased 3,000,000 of the outstanding 10,000,000 shares of Angel & Associates. At the time of the acquisition, the book value of Angel's net assets equals their fair market value. Angel declared Net Income of $2,250,000 for the year. How will Angel's Net Income be recorded by Jardon?

Cash 2,250,000
Investment in Angel & Associates 2,250,000
Investment in Angel & Associates 675,000
Income from Investment 675,000
Investment in Angel & Associates 2,250,000
Income from Investment 2,250,000
Cash 675,000
Income from Investment 675,000

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