(Answered) Question - sarasota corporation purchased for 305000 a 30

Accounting

Question - Sarasota Corporation purchased for $305,000 a 30% interest in Murphy, Inc. This investment enables Sarasota to exert significant influence over Murphy. During the year, Murphy earned net income of $198,000 and paid dividends of $60,000.

Prepare Sarasota's journal entries related to this investment.

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