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Nippon Paint acquired 40% shares of Petek Boya as a long-term investment for the purpose...

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Accounting

Nippon Paint acquired 40% shares of Petek Boya as a long-term investment for the purpose of controlling the other company, in January 2023, for 105.000. Petek Boya had net income of 80.000 in 2023, and declared and paid dividends of 25.000 in March 2024. Provide the necessary journal entries, assuming that Nippon uses the equity method

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