Acc280 Financial Accounting: E16-7 On January 1 Kwun Corporation purchased

Acc280 Financial Accounting
E16-7
On January 1 Kwun Corporation purchased a 25% equity in Connors Corporation for $180,000.
At December 31 Connors declared and paid a $60,000 cash dividend and reported net income of $200,000.

Instructions:
a. Journalize the transactions.
b. Determine the amount to be reported as an investment in Connors stock at December 31.
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