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On March 10, 2023, Dearden, Incorporated, purchased 11,000 shares (2 percent) of Jaffa stock for $48 per share. Management intends to hold the securities long
On March 10, 2023, Dearden, Incorporated, purchased 11,000 shares (2 percent) of Jaffa stock for $48 per share. Management intends to hold the securities long term. Dearden's year ends on December 31. The following information pertains to the price per share of Jaffa stock: Dearden sold all of the Jaffa stock on September 12, 2026, at a price of $43 per share. Prepare any journal entries that are required by the facts presented in this case. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 7 Record the purchase of investments on March 10, 2023. Note: Enter debits before credits. Journal entry worksheet 7 Record the change in the fair value of the investments on December 31, 2023. Note: Enter debits before credits. Journal entry worksheet 1 7 Recognize the fair value of investments on December 31, 2024. Note: Enter debits before credits. Journal entry worksheet Record the change in the fair value of the investments on December 31, 2025. Note: Enter debits before credits. Journal entry worksheet Record the change in the fair value of the investments on September 12, 2026. Note: Enter debits before credits. Journal entry worksheet Reclassify any gain or loss on the sale of the investments on September 12, 2026. Note: Enter debits before credits. Journal entry worksheet Record the cash received from the sale of the investment on September 12, 2026. Note: Enter debits before credits
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