On May $20,$ Montero Company paid $$258,000$ to acquire $120$ shares $(8\%)$ of ORD Corporation as a long$-$term inve Montero sold one$-$tenth of the ORD shares for $$27,000.$

Prepare entries to record both the acquisition and the sale of these shares.

Should this stock investment be reported at fair value or at cost on the balance sheet?

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Prepare entries to record both the acquisition and the sale of these shares.

Journal entry worksheet

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$2$

On May $20,$ Montero Company paid $$258,000$ to acquire $120$ shares $(8\%)$ of ORD Corporation as a long$-$term investment.

Note: Enter debits before credits:

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$]]$

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