Music Makers Ltd. reported trading investments with an original cost of $115,000 and a fair value of

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Music Makers Ltd. reported trading investments with an original cost of $115,000 and a fair value of $130,000 at December 31, 2014. It also reported an unrealized gain of $15,000 relating to the investment. During 2015, the investment was sold for $125,000. Describe how the sale of the investment would be recorded and reported in the 2015 financial statements?
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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