Q3. SALMAN Company acquires 60 percent of HAMAD Companys common stock for $200,000 at the...
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Accounting
Q3.
SALMAN Company acquires 60 percent of HAMAD Companys common stock for $200,000 at the beginning of the year and gains significant influence over HAMAD. During the year, HAMAD has net income of $40,000 and pays dividends of $30,000. (1 mark)
Required: Prepare the journal entries in books of SALMAN Company under the Equity and Cost Method
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