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On December 29, 2024, Adams Apples purchased 1,200 shares of General Electric common stock for $20 per share. On December 31, the market value of the stock increased to $22 per share. On January 24, 2025, all of the shares are sold for $18 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note:lf no ant colect "Ne leurnal Entry Required!! in the

On December 29, 2024, Adams Apples purchased 1,200 shares of General Electric common stock for $20 per share. On December 31, the market value of the stock increased to $22 per share. On January 24, 2025, all of the shares are sold for $18 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note:lf no ant colect "Ne leurnal Entry Required!! in the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 29, 2024, Adams Apples purchased 1,200 shares of General Electric common stock for $20 per share. On December 31, the market value of the stock increased to $22 per share. On January 24, 2025, all of the shares are sold for $18 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 Record the sale of the investment. Note: Enter debits before credits. Date January 24, 2025 General Journal Debit Credit Cash Investments >
Transcribed Image Text:On December 29, 2024, Adams Apples purchased 1,200 shares of General Electric common stock for $20 per share. On December 31, the market value of the stock increased to $22 per share. On January 24, 2025, all of the shares are sold for $18 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 Record the sale of the investment. Note: Enter debits before credits. Date January 24, 2025 General Journal Debit Credit Cash Investments >
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