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Insta Co. Purchases stock investments (with insignificant influence) at a cost of $2,500 on December 15. This is and only purchase of such securities.
Insta Co. Purchases stock investments (with insignificant influence) at a cost of $2,500 on December 15. This is and only purchase of such securities. On December 21, Insta received a $150 cash dividend from the stock investments. At year end December 31, the stock investments had a fair value of $2,400 f. Prepare the December 15 purchase entry for stock investments g. Prepare the December 28 receipt of cash dividends entry h. Prepare the December 31 year-end adjusting entry for the stock investments' portfolio i. Explain how each account in entry c is reported in financial statements j. Prepare the January 3 entry when a portion of its stock investment (that had cost $370) is sold for $400
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