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can I get help with this question On June 12 of Year 1, Fir Company purchased 1,000 shares of Pine Company for a total of
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On June 12 of Year 1, Fir Company purchased 1,000 shares of Pine Company for a total of $18,250 and designated the shares as a FVOCI investment. On September 30 of Year 1, Fir Company received a dividend of 40 cents per share. On December 31 of Year 1 , the fair value of the shares was $19,100. On February 2 of Year 2 , the shares were sold for $19,800. Required Provide journal entries for the above events including a journal entry to transfer any gains out of AOCI into retained earnings. (20 marks) Step by Step Solution
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