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On January 1, 2020, Casey Company acquires a 40% interest in...

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Accounting

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On January 1, 2020, Casey Company acquires a 40% interest in Hill Company by purchasing 6,000 shares of its 20,000 common stock for $15 per share. On January 1,2020, the net assets of Hill Company were as follows: During 2020, Hill reported net income of $280,000 and paid cash dividends of $80,000. Required: Prepare all journal entries on Casey's books to record the acquisition, dividends, and income from the investment in Hill Company

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