Parpare journal entry d) On March 1, 20X7, Merk Ltd. acquired 2,000 shares of...
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Accounting
Parpare journal entry
d) On March 1, 20X7, Merk Ltd. acquired 2,000 shares of Hoi Co. for $60,000. This investment represents a 30% interest in Hoi. Merk has significant influence. On November 30, 20X7, Hoi paid a $25,000 dividend to its shareholders. At December 31, 20X7, Hois shares were valued at $40/share and Hoi reported net income of $150,000 for the year. On April 15, 20X8, Merk sold the shares for $106,000. Both Merk and Hoi have February 28th year-ends.
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