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The majority of state and local governmental entities, including external investment pools, report most investments at fair value. Assuming that a governmental entity reports investments

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The majority of state and local governmental entities, including external investment pools, report most investments at fair value. Assuming that a governmental entity reports investments at fair value, changes in the fair value of the investments should be recognized as A component of the operating statement below the excess of revenues over expenditures, or net income. Investment income in the operating statement when they occur Investment income in the operating statement when they are realized. A direct change in a component of equity

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