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Question - For several years Fister Links Products has held shares of Crystal Co., classified by the company to be fair value through other comprehensive income securities under the irrevocable option permitted by IFRS 9. The shares were acquired at a cost $500,000. Their fair value last year was $610,000 and is $670,000 this year.
Required -
1. At what amount will the investment be reported in this year's statement of financial position?
2. What adjusting entry is required to accomplish this objective?
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