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Question - Prepare the journal entries for McIntosh Company for the following transactions.
January 15, 2020: McIntosh Company acquires 35% of the 250,000 shares of common stock of Price Company at a cost of $6 per share.
March 10, 2020: Price Company declares and pays a cash dividend of $40,000.
December 30, 2020: Price Company reports a net income of $470,000 for the year.
June 17, 2021: McIntosh Company sells 40,000 shares for a total of $200,000.
Prepare and Present arguments against measuring liabilities at fair value. SFAS No. 159 (FASB ASC 825) allows companies to value financial liabilities
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