What is the compound journal entry to record the sale

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Problem 1: On April 30, 2020, ABC corporation had irrevocably designated its investment in Pi Corporation as a financial asset at fair value through other comprehensive income. The investment which is made up of 8,500 shares was originally purchased for $1,673,000 plus transaction cost of $17,000. At the end of the first and second years, the shares were selling at $190 and $210 respectively. On the third year, all of the shares were sold for $205 each. What is the compound journal entry to record the sale of the investment and update the relevant accounts?

Reference no: EM132823681

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