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The following information is available for Kinney Company at Dec 31, 2012 regarding its investments. Securities Cost Fair Value 3000 shares of Petty Corp Common

The following information is available for Kinney Company at Dec 31, 2012 regarding its investments. Securities Cost Fair Value 3000 shares of Petty Corp Common Stock 40000 46000 1000 shares of Dowe incorporated Preferred Stock 25000 22000 a. prepare the journal entry (if any) for 2012 assuming the securities are classified as trading

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