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An investor purchased 100 shares of Mallard common stock at $20 per share on March 15 of Year 1 . On December 31 of Year
An investor purchased 100 shares of Mallard common stock at $20 per share on March 15 of Year 1 . On December 31 of Year 1 , the stock was quoted at $19 per share and Mallard declared and paid a dividend of $1.50 per share. On June 5 of Year 2, the investor sold all 100 shares for $22 per share. On December 31 of each year, the Fair Value Adjustment account is adjusted. Assuming the investment is measured at FV-NI, provide the journal entries to be made at each of the following dates. a. March 15, Year 1. b. December 31, Year 1. c. June 5, Year 2. d. December 31, Year 2
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