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thompson owns 100% of Rollins and at 12/31/2012. its investment in Rollins account stands at 10000000....

thompson owns 100% of Rollins and at 12/31/2012. its investment in Rollins account stands at 10000000. on that date thompson sells 20% of its ownership for2500000 cash prepare the j/e to be recorded by thompson on 12/31/2012?

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Answer #1

Please find the below table showing Journal entry on 31st dec. 2012

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