The condensed balance sheet of Fletcher Inc. on January 1, Year 1 is as follows:Current...
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Accounting
The condensed balance sheet of Fletcher Inc. on January 1, Year 1 is as follows:
Current assets $175,000
Non-current assets $ 750,000
Current liabilities $130,000
Non-current liabilities $ 600,000
Share capital $ 100,000
Retained earnings $ 95,000
Assume that Siler Ltd. purchases 25% of Fletcher. Assume at the end of year 1, Fletcher reports net income for the year of $60,000 and dividends declared of $18,000. Prepare journal entries for Siler.
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