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Equity Method On January 2, Yorkshire Company acquired 31% of the outstanding stock of Fain Company...

Equity Method

On January 2, Yorkshire Company acquired 31% of the outstanding stock of Fain Company for $440,000. For the year ended December 31, Fain Company earned income of $114,000 and paid dividends of $35,000.

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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