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Question: equity method on january 2 yorkshire company acquired 33 of...

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Equity Method

On January 2, Yorkshire Company acquired 33% of the outstanding stock of Fain Company for $330,000. For the year ended December 31, Fain Company earned income of $86,000 and paid dividends of $26,000.

Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

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