Problem #2 Markle & Co. obtained significant influence over Wall & Co. by...

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Accounting

Problem #2
Markle & Co. obtained significant influence over Wall & Co. by buying 25% of Wall's 100,000
outstanding shares of common stock at a cost of $22 per share, on January 1,2020. On July 15th,2020,
Wall declared and paid a cash dividend of $200,000. On December 31,2020, Wall
reported a net profit of $400,000 for the year.
Prepare all necessary journal entries for 2020 for Markle & Co.
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