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What journal entry to use for this question

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Question - Sunshine Limited owns a subsidiary in a foreign country that has a book value of $5,725,000 and an estimated fair value of $9,500,000. The foreign government has communicated to Sunshine its intention to expropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, it is virtually certain that Sunshine will receive 40% of the fair value of its properties as final settlement.

Required - What journal entry to use for this question?

Reference no: EM132558811

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