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Prepare the journal entries for all three dates

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Question - Novak Corporation owns shares of Raccoon Company that are classified as part of Novak's trading portfolio and accounted for using the fair value through net income model. At December 31, 2021, the securities were carried in Novak's accounting records at their cost of $415,000, which equaled their fair value. On November 1, 2022, when the securities fair value was $463,000, Novak declared property dividend that will result in Raccoon's securities being distributed on December 15, 2022 to the shareholders of record on December 1, 2022. Prepare the journal entries for all three dates.

Reference no: EM133125261

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