On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $ 20 per share.
Question:
Per Share
12/ 31/ 2015…………$ 24
12/ 31/ 2016………….. 31
Required:
Assume that management considers the stock to be available- for- sale securities. Prepare the journal entries required on each date given.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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