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Suppose that on January 6, 2018, Excel Motors paid $240,000,000 for its 45% investment in Dynamic Motors. Excel has significant influence over Dynamic after the purchase. Assume Dynamic earned net income of $10,000,000 and paid cash dividends of $15,000,000 to all outstanding stockholders during 2018. (Assume all outstanding stock is voting stock.) Read the requirements Requirement 1. What method should Excel Motors use to account for the investment in Dynamic Motors?2. Journalize all required 2018 transactions related to Excel Motors's Dynamic investment. Include an explanation for each entry.3. Post all 2018 transactions to the investment T account. What is its balance after all transactions are posted? How would be this balance be classified on the balance sheet dated December 31 2018?
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Suppose that on January 6, 2018, Excel Motors paid $240,000,000 for its 45% investment in Dynamic Mo...
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