Refer to the data provided in E8-8. a. Assume that the stock of Thayers International and Bayhe
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a. Assume that the stock of Thayers International and Bayhe Enterprises is considered marketable, and Mystic Lakes Food Company wishes to hold all investments indefinitely. Prepare journal entries to record the transactions.
b. Assume that on December 31, 2011, the market values of Thayers international and Bayhe Enterprises are $25 and $32, respectively. Prepare the entry to adjust the company’s long-term investments to market value.
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a 1 AvailableForSale Securities A 260000 Cash A 260000 Invested in Thayers Intern...View the full answer
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