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Journalize entries to acquire the investment on september

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The investments of Steelers Inc. include a single investment: 12,400 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $12 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, Year 1, balance sheet date, the share price declined to $9 per share.

Question a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1.

Reference no: EM132598664

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