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QUESTION
On January 1, 20X1, LGM Company purchased 80% of the common stock of MEL Company for $316,000. On this date, MEL had common stock, other paid-in...
On January 1, 20X1, LGM Company purchased 80% of the common stock of MEL Company for $316,000. On this date, MEL had common stock, other paid-in capital, and retained earnings of $40,000, $120,000, and $190,000, respectively. Net income and dividends for 2 years for MEL Company were as follows:
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