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2 . 8 Accounting for an Investment Your company purchased 1 0 0 shares of IBM stock in November for $ 1 2 9 .

2.8 Accounting for an Investment Your company purchased 100 shares of IBM stock in November for $129. As of year-end (1231), the stock price has increased to $135. Your supervisor is arguing that no adjustment is required to the recorded value of the investment and that it is appropriate to record the investment at cost. Respond to this position, citing why you agree or disagree.
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