Question

On June 30, 2014, MetroMedia Inc. purchased 10,000 of Mitek’s common shares for $ 20 per share. Management purchased the shares for speculative purposes and designated them as investments at FVPTL. The following information pertains to Mitek’s price per share:
Date Price
31/ 12/ 2014 ....... $ 24
31/ 12/ 2015 ....... 31
31/ 12/ 2016 ....... 25
MetroMedia sold its investment in Mitek’s shares on February 14, 2017, at a price of $ 22 per share. Prepare any journal entries that are required by the facts presented in this case.


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  • CreatedAugust 04, 2015
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