Martinez Corporation purchased for $320,000a25% interest in Murphy, Inc. This investment enables Martinez to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000and paid dividends of $62,000.

 Martinez Corporation purchased for $320,000a25% interest in Murphy, Inc. This investment enables Martinez to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000and paid dividends of $62,000.
Prepare Martinez's journal entries related to this investment.

 

 

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