(Answered) Question - monty corporation purchased for 320000 a 25

Accounting

Question - Monty Corporation purchased for $320,000 a 25% interest in Murphy, Inc. This investment enables Monty to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000 and paid dividends of $62,000.

Prepare Monty's journal entries related to this investment.

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