(Answered) Question - myers cco acquired a 60 interest in gannon corp

Accounting

Question - Myers CCo. acquired a 60% interest in Gannon Corp on Dec. 31, 2010 for $945,000. During 2011, Gannon had a net income of $600,000 and paid cash dividends of $150,000.

a) Prepare the journal entries for Myers Co. for 12/31/2010.

b) Prepared the required journal entries for Myers for 2011.

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