Merck, the pharmaceutical giant, reported the following in the footnotes of its 2019 SEC Form 10K regarding
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Merck, the pharmaceutical giant, reported the following in the footnotes of its 2019 SEC Form 10K regarding its portfolio of publicly traded equity securities (Dollars in millions).
a. Under current accounting standards, compute the fair market value of Merck's equity portfolio as of the end of 2019.
b. What was the effect on the company's net income?
c. Assume that Merck sold its entire portfolio of securities at the end of 2019. How much income would be realized on the sale? Provide the journal entry.
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