What journal entry should company x make

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Question - Company X bought 10% of Company Y's stock for $20 million in 2016. Company Y had net income of $50 million. The fair value of the stock was $25 million at the end of 2016. Company X sold the stock for $28 million on January 1, 2017. Assume the stocks were considered to be securities available for sale. What journal entry should Company X make to adjust the stocks' value at the end of 2016?

Reference no: EM133087801

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