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Monty Corporation purchased for $326,000 a 30% interest in Murphy, Inc. This investment enables Monty...

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Accounting

Monty Corporation purchased for $326,000 a 30% interest in Murphy, Inc. This investment enables Monty to exert significant influence over Murphy. During the year, Murphy earned net income of $174,000 and paid dividends of $60,000. Prepare Montys journal entries related to this investment To record the purchase. To record the net income. To record the dividend

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