On May 15, Kingswood Company purchased 30% worth of Pineview Ltd.'s common shares as a...
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Accounting
On May 15, Kingswood Company purchased 30% worth of Pineview Ltd.'s common shares as a significant influence investment. On September 30, Pineview announced that profit for the year amounted to $650,000. Kingswood should record a debit to Investment in Pineview Common Shares of $195,000 and a credit to Earnings from Investment in Pineview of $195,000.
True or False
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