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JJJ Inc. purchased 35% of ABC Co. on January 4, 2013, for $280,000 when ABC’s book value was $810,000. On that day, the fair value of the net assets of ABC equaled their book values with the following exceptions:

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……………………………………………………………………… Book ………… Fair Value Equipment ……………………………………………………… $175,000 ……….. $140,000 Buildings ………………………………………………………. 40,000 …………… 65,000 The equipment has a remaining useful life of 10 years, and the building has a remaining useful life of 20 years. ABC reported the following related to operations for 2013 and 2014: ……………………………………………………….. Net Income (Loss) …………….. Dividends 2013 ……………………………………………………… $80,000 ………………….. $15,000 2014 ………………………………………………………. (10,000) ………………… 8,000 Instructions: Provide the entries made by JJJ Inc. relating to its investment in ABC for the years 2013 and 2014? Get Accounting Help Today