On 1 January 2013, XL Ltd acquired a 16% interest in PS Ltd for $150...
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Accounting
On 1 January 2013, XL Ltd acquired a 16% interest in PS Ltd for $150 000 when PS Ltds retained earnings were $70 000. On 31 December 2013, PS Ltd reported a net income of $40 000, and declared and paid a dividend of $5 000. Required Prepare journal entries to record these transactions in the books of XL Ltd.
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