Acc423 Intermediate Accounting: BE17-7 Zoop Corporation purchased for $300,000 a 30% interest

Acc423 Intermediate Accounting

BE17-7
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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