On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share.The following information pertains to the fair value of Mitek stock:Per Share12/31/2015 $2412/31/2016 31Required:Assume that management considers the stock to be available-for-sale securities. Prepare the journal entries required on each date given.
On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share.The following information pertains to the fair value of Mitek stock:Per Share12/31/2015 $2412/31/2016 31Required:Assume that management considers the stock to be available-for-sale securities. Prepare the journal entries required on each date given.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share.
The following information pertains to the fair value of Mitek stock:
Per Share
12/31/2015 $24
12/31/2016 31
Required:
Assume that management considers the stock to be available-for-sale securities. Prepare the
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