On January 4, 2016, Spandella Company purchased 175,000 shares of Filington Company directly from…


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On January 4, 2016, Spandella Company purchased 175,000 shares of Filington Company directly from… 1 answer below ยป On January 4, 2016, Spandella Company purchased 175,000 shares of Filington Company directly from one of the founders for a price of $30 per share. Filington has 500,000 shares outstanding, including the shares acquired by Spandella Company. On July 2, 2016, Filington paid $620,000 in total dividends to its shareholders. On December 31, 2016, Filington reported a net income of $1,050,000 for the year. Spandella uses the equity method in accounting for its investment in Filington. What is the Journal Entry? Feb 04 2016 11:59 AM

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