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M Corp purchased 150 shares of LG stock during the year for a total of $23,560. M corp plans to use the stock for trading

M Corp purchased 150 shares of LG stock during the year for a total of $23,560. M corp plans to use the stock for trading purposes and will not hold onto these shares for very long. On December 31, 20X1, each share was worth $152 (i.e. market value).

Record the appropriate journal entry on December 31, 20X1.

Where on the financial statements are these values recorded

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