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Please C. (18%) In February 2022, Packard Corporation purchased the following financial assets. Prior to these purchases, Packard had no portfolio of investment securities. Security
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C. (18%) In February 2022, Packard Corporation purchased the following financial assets. Prior to these purchases, Packard had no portfolio of investment securities. Security Type Classification Cost 1 Debt FVTPL $11,500 2 Equity FVTPL 9,000 3 Equity FVTOCI- Equity 7,250 4 Debt FVTOCI- Debt 12,300 During 2022, Packard received $2,400 in interest and $1,800 in dividends. On December 31, 2022, Packard's portfolio of securities had the following market values: Security Fair Market Value 1 $12,000 2 8,750 3 7,500 4 12,500 Required: Prepare the journal entries required to record each of these transactions Step by Step Solution
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