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problem: On Jan 2nd Froxel Co purchased 10,000 shares of Sandia Corp. common stock at USD 19 per share plus USD 3,000 commission. This represents 30 percent of Sandia Corp outstanding stock. On August 6th, Sandia Corp declared and paid cash dividends of USD 1.75 per hare and on Dec 31 it reported net income of USD 150,000. Prepare the necessary entries Froxel Co must make to account for these transactions and events.

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