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On March 1, Year 1, Denver Inc. purchases 40% of the outstanding shares of Gester...

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Accounting

On March 1, Year 1, Denver Inc. purchases 40% of the outstanding shares of Gester Corporation stock for $325,000. On December 31, Year 1, Gester reports net income of $162,000. On January 15, Year 2, Gester pays total dividends to stockholders of $34,000. Journalize the three transactions.

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