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Instructions On January 1, 2019, Seminole Inc. purchased 400 shares of Cornett Company common stock at $40 per share. Assume that on December 31,

Instructions On January 1, 2019, Seminole Inc. purchased 400 shares of Cornett Company common stock at $40 per share. Assume that on December 31, 2019, the Investment in Cornett Company stock has a market value of $14,200. Required: Prepare the year-end journal entry to record the unrealized gain or loss.

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