(Answered) On january 1 year 1 tiger company purchased 6720 shares of

Accounting

On January 1, Year 1, Tiger Company purchased 6,720 shares of Eagle Corporation's common stock when Eagle Corporation had 22,400 shares outstanding. On that date, the following information pertained to Eagle Corporation:

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During Year 1 Eagle Corporation earned net income of $120,000 and paid total dividends of $48,000. Prepare the journal entries of Tiger related to its share of Eagle's net income and dividends in Year1.

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