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A company paid $37,800 cash to acquire stock investments with insignificant influence (with a par value of $38,325). The correct entry to record the purchase of the investment is:_________

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ProfLincoln

Answer:

Explanation:

The acquired stock investment is recorded under debit and cash paid is recorded as credit as follows

ACCOUNT DEBIT CREDIT

1. Stock Investment $37800

2. Cash $37800