On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per

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On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per share. On December 31, the market value of the stock increased to $20 per share. On January 24, 2022, all of the shares are sold for $16 per share. Record the initial investment, any fair value adjustment at the end of 2021, and the sale in 2022.

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Financial Accounting

ISBN: 978-1259914898

5th edition

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

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