On June 30, 2017, MetroMedia Inc. purchased 10,000 of Mitek's common shares for $20 per share. Management
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On June 30, 2017, MetroMedia Inc. purchased 10,000 of Mitek's common shares for $20 per share. Management purchased the shares for speculative pm-poses and designated them as investments at FVPTL. The following information pertains to Mitek's price per share:
MetroMedia sold its investment in Mitek's shares on February 14, 2020, at a price of $22 per share. Prepare any journal entries that are required by the facts presented in this case.
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Related Book For
Financial Accounting
ISBN: 978-1259105692
6th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling
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