Essay
On January 2,Froxel Company purchased 10,000 shares of Sandia Corp.common stock at $19 per share plus a $3,000 commission.This represents 30% of Sandia Corp.'s outstanding stock.On August 6,Sandia Corp.declared and paid cash dividends of $1.75 per share and on December 31 it reported net income of $150,000.Prepare the necessary entries Froxel Company must make to account for these transactions and events.
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