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On December 15, 2014, a HTM investment costing $80,000 was sold for $120,000. The total of the sale proceeds was credited to the investment account.

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On December 15, 2014, a HTM investment costing $80,000 was sold for $120,000. The total of the sale proceeds was credited to the investment account. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. a) Prepare the journal entry to correct the error assuming it is discovered on December 31, 2014. (Ignore income taxes.) General Journal Date Account/Explanation PR Debit Credit Page G3 b) Prepare the journal entry to correct the error assuming it is not discovered until January 1, 2015. (Ignore income taxes.) General Journal Page G3 Date Account/Explanation PR Debit Credit

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