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On May 20, Montero Co. paid $282,000 to acquire 140 shares (5%) of ORD Corp. as a long-term investment. On August 5, Montero sold one-tenth
On May 20, Montero Co. paid $282,000 to acquire 140 shares (5%) of ORD Corp. as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for $29,000.1.Prepare entries to record both the acquisition and the sale of these shares.2.Should this stock investment be reported at fair value or at cost on the balance sheet?
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