On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.
On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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