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On aug 1, 2022 Lid Ltd purchased 1100 Agnus common shares for 44300 cash, with intetion of trading shares and using fair value through profit or loss model.on dec 1,2022 Lid's year end, the fair value of the Agnus share was  48600. Lid sol dthe shares on Feb 1, 203 for 46400. Record journal enries required for the above transaction

On aug 1, 2022 Lid Ltd purchased 1100 Agnus common shares for 44300 cash, with intetion of trading shares and using fair value through profit or loss model.on dec 1,2022 Lid's year end, the fair value of the Agnus share was  48600. Lid sol dthe shares on Feb 1, 203 for 46400. Record journal enries required for the above transaction

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 14RE
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On aug 1, 2022 Lid Ltd purchased 1100 Agnus common shares for 44300 cash, with intetion of trading shares and using fair value through profit or loss model.on dec 1,2022 Lid's year end, the fair value of the Agnus share was  48600. Lid sol dthe shares on Feb 1, 203 for 46400.

Record journal enries required for the above transaction 

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