Question: Fickle Financial buys and sells securities that it classifies as
Fickle Financial buys and sells securities that it classifies as available-for-sale. On December 28, Fickle purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $483,000. Record the initial investment by Fickle and, if appropriate, an adjustment to record the investment at fair value.
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