Business, 14.01.2021 16:30 laza87

At a total cost of $5,600,000, Herrera Corporation acquired 280,000 shares of Tran Corp. common stock as a long-term investment. Herrera Corporation uses the equity method of accounting for this investment. Tran Corp. has 800,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation. a. Journalize the entries by Herrera Corporation to record the following information:

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At a total cost of $5,600,000, Herrera Corporation acquired 280,000 shares of Tran Corp. common stoc...

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