me with the steps and answers Transcribed Image Text: Brief Exercise 17-07

me with the steps and answers Transcribed Image Text: Brief Exercise 17-07
Windsor Corporation purchased for $317,000 a 25% interest in Murphy, Inc. This investment enables Windsor to exert significant influence over Murphy. During the year, Murphy earned net income of $192,000 and
paid dividends of $65,000.
Prepare Windsor’s journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No
Entry” for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
(To record the purchase.)
(To record the net income.)
(To record the dividend.)
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