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MotorCity, Inc. purchased 59,000 shares of Shaw common stock for $270,000. This represents 40% of the outstanding stock. The entry to record the transaction includes
MotorCity, Inc. purchased 59,000 shares of Shaw common stock for $270,000. This represents 40% of the outstanding stock. The entry to record the transaction includes a: O Debit to Long-Term Investments for $4,968,000. Debit to Long-Term Investments for $270,000. Credit to Long-Term Investments for $4,968,000 Debit to Long-Term Investments-HTM for $270,000. O Debit to Short-Term Investment-AFS for $270,000
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