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Prepare all required journal entries for reveal ltd

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Reference no: EM132820699

In September 30, 2020, Reveal Ltd. invested excess cash in the shares of Adam Company. It acquired 2,000 shares at $45 each. On December 31, 2020, and December 31, 2021, the shares of Adam were trading at $36 and $51 per share, respectively.

Required-

Problem 1: Assuming the investment in Adam is classified as Fair Value Through Other Comprehensive Income (FVTOCI), prepare all required journal entries in 2020 and 2021.

Reference no: EM132820699

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