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Prepare the journal entries that were recorded by church

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Reference no: EM132600170

The following was reported by Church Financial in its December 31, 2021, financial statements:

Investments at FVTPL, December 31, 2020            $14,100

Investments at FVTPL, December 31, 2021            19,200

Investment Income or (Loss)                                   (600)

Additional information:

1. The investments at FVTPL are investments in equity securities held for trading purposes.

2. Investment income or loss consists of: holding gain on the FVTPL investments of $3,200, and loss on sale of the FVTPL investments of $3,800.

3. The carrying amount of the FVTPL investment sold was $5,100.

Question 1: What is the cash amount received on the sale of the investment?

Question 2: Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value adjustment at December 31, 2021.

Reference no: EM132600170

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