Question: All 3 assets were purchased at fair value. Explain when (if at all) the following items would require subsequent measurement at fair value. Cite the

All 3 assets were purchased at fair value. Explain when (if at all) the following items would require subsequent measurement at fair value. Cite the supporting Codification paragraph(s). Do not include excerpts from the Codification.

a)Bond investment held as a trading security

b)An equity investment that represents about 15% of the investee's outstanding stock.

c)Patent for a prescription drug whose sales have plummeted.

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