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Fair Value Journal Entries, Available-for-Sale Investments The investments of Steelers Inc. include a single investment: 12,600 shares of Bengals Inc. common stock purchased on September
Fair Value Journal Entries, Available-for-Sale Investments The investments of Steelers Inc. include a single investment: 12,600 shares of Bengals Inc. common stock purchased on September 12, 20Y7, for $9 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, 20Y7, balance sheet date, the share price declined to $7 per share. a. Journalize the entries to acquire the investment on September 12, and record the adjustment to fair value on December 31, 20Y7.
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