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A corporation had the following transactions involving stock investments with insignificant influence during the year. Prior to these transactions, this corporation had never had any
A corporation had the following transactions involving stock investments with insignificant influence during the year. Prior to these transactions, this corporation had never had any investments. February Purchased shares of HM Corporation stock at $ per share. February Purchased shares of Tugg Company stock at $ per share. March Received a $ per share dividend from the HM Corporation. March Sold shares of HM Corporation stock for $ per share. April Sold shares of Tugg Company stock at $ per share. December HM stock has a fair value of $ per share, and Tugg stock has a fair value of $ per share. Prepare a journal entry to record these transactions. Also prepare an ajusting entry to record the year end fair value adjustment for portfolio of short term stock investments
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