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Question 5(5 marks)
On January 1, 2017, your company acquires 10,000 shares of Investee Business Limited (“IBL”), representing 40% of the shares of IBL, for $200,000. As part of that investment, your company is entitled to appoint one director to the four-member Board of Directors.
For the year ended December 31, 2017, IBL earns $400,000 of profit (net income) and no other comprehensive income.
On January 2, 2018, IBL declares and pays dividends totaling $80,000 to all shareholders.
Prepare journal entries for the following dates:
January 1, 2017;
December 31, 2017; and
January 2, 2018.
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