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Question - Concord Corporation purchased 500 common shares of Sigma Inc. for trading purposes for $15,500 on September 8 and accounted for the investment under ASPE at FV-NI. In December, Sigma declared and paid a cash dividend of $1.65 per share. At year end, December 31, Sigma shares were selling for $35.70 per share. In late January, Concord sold the Sigma shares for $35.27 per share.
1. Prepare Concord Corporation's journal entry to record the purchase of the investment.
2. Prepare Concord Corporation's journal entry to record the dividends received.
3. Prepare Concord Corporation's journal entry to record the fair value adjustment at December 31.
4. Prepare Concord Corporation's journal entry to record the January sale of the investment.
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