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Prepare the journal entries for the following transactions for Morgan Co.

a. Morgan Co. purchased 23,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.

b. Gordon Corp.'s total earnings for the period are $80,000.

c. Gordon Corp. paid a total of $45,000 in cash dividends.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945991

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