Business, 05.07.2021 20:00 ZenmasterZack

On January 1, 2020, Cheyenne Company purchased 40% of Santos Corporation 465,000 outstanding shares of common stock at a total cost of $13 per share. On October 25, Santos declared and paid a cash dividend of $0.40 per share. On December 31, Santos reported a net income of $934,000 for the year and the market price of its common stock was $14 per share. Prepare all necessary journal entries for Mica company for 2020.

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On January 1, 2020, Cheyenne Company purchased 40% of Santos Corporation 465,000 outstanding shares...

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