On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a
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On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $487,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fair value.
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Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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