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On January 2, 2024, Miller Properties paid $19 million for 1 million shares of Marlon...

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Accounting

On January 2, 2024, Miller Properties paid $19 million for 1 million shares of Marlon Companys 6 million outstanding common shares. Millers CEO became a member of Marlons board of directors during the first quarter of 2024. The carrying amount of Marlons net assets was $66 million. Miller estimated the fair value of those net assets to be the same except for a patent valued at $24 million above cost. The remaining amortization period for the patent is 10 years. Marlon reported earnings of $12 million and paid dividends of $6 million during 2024. On December 31, 2024, Marlons common stock was trading on the NYSE at $18.50 per share. Required : Prepare all appropriate journal entries related to the investment during 2024 (Purchase/ Net income/ Dividends/ Amortization adjustment)

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