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QUESTION
Prepare journal entries for the following transactions for Zenco Co. a-Zenco Co purchased 35,000 shares of the total 50,000 shares (70%) of Litro...
Prepare journal entries for the following transactions for Zenco Co.a-Zenco Co purchased 35,000 shares of the total 50,000 shares (70%) of Litro Corp for $725,000.b-Litro Corp total earnings for the period were $160,000.c-Litro Corp paid a total of $50,000 in cash dividends.d-Zenco sold the 35,000 shares of Litro Corp for $1,350,000.
