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Zoop Corporation purchased for $300,000 a 30% interest in Murphy, Inc. This investment enables Zoop to exert significant influence over Murphy. During the year Murphy earned net income of $180,000 and paid dividends of $60,000. Prepare Zoop's journal entries related to this investment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M956070

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