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Simmons Corporation 80000

Price: $1.99

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2012, the investment was accounted
for using the equity method. In early 2012, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2012, Armstrong earned net income of $80,000 and paid dividends of $95,000. Prepare Simmons’s entries related to Armstrong’s net income and dividends, assuming Simmons now owns 10% of Armstrong’s stock.

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