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Question 2 (Total 20 marks) Fortune Company has the following equity investments with no control or significant influence on December 31, 2020: All of the

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Question 2 (Total 20 marks) Fortune Company has the following equity investments with no control or significant influence on December 31, 2020: All of the above securities were purchased in 2020. In 2021, Fortune completed the following investments transactions: The Fortune Company's equity securities appear as follows on December 31, 2021: Required: a. Prepare journal entries to record: (11 marks) 1) The 2020 year-end fair value adjustment for the equity portfolio; 2) The sale of Torus Co. stock on March 1, 2021; 3) The purchase of Simplex Co. stock on April 1, 2021; 4) The 2021 fair value adjustment for the equity portfolio

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