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Question 1: Metlock, Inc. has an investment in trading securities of $144000. This investment experienced an unrealized loss of $7400 during the current year. Assuming a 35% tax rate, the amount of this loss that would reported as part of other comprehensive income would be:
Option 1: $144000 loss.
Option 2: $50400 loss.
Option 3: None.
Option 4: $93600 loss.
Provided legal services to a client worth RM7,000 and received cash of RM3,000 from the client. Prepare the journal entries to record all transactions
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