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Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account:
NAME: Gen-X Products, Inc.
Address: 123 My Way
Describe each transaction and the source of each posting.
Cost Method
An accounting approach where investments are recorded at their acquisition cost, without adjustment for increases or decreases in market value.
Goodwill
An intangible asset arising when a company acquires another for more than the fair value of its net identifiable assets.
Retained Earnings
Profits that a company has earned to date, less any dividends or other distributions paid to investors.
Non-controlling Interest
The share of ownership in a subsidiary that doesn't belong to the parent company.
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