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After you have completed the requirements of P16-3A, consider the additional question. Answers are on the other tab in this file. 1. Suppose that shares

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After you have completed the requirements of P16-3A, consider the additional question. Answers are on the other tab in this file. 1. Suppose that shares of Wooderson Co, were sold for $10/share and shares of Gehring C for $35/share. Also assume the fair values at December 31 were: Gehring Co. $28, Woo $10, and Kitselton Co. $19. Show revised journal entries to record these sales and to ad to fair value. Also show revised balance sheet presentation

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