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Bob purchased shares of Delta for 60 on December 22, 2013. The fair value of...

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Accounting

Bob purchased shares of Delta for 60 on December 22, 2013. The fair value of these securities on December 31, 2013, was 54. Prepare the journal entries for Bob to show the purchase of the securities, and the adjustment of the securities to fair value at 12/31/13.

On January 3, 2014, Bob sold the securities for $65. Prepare the journal entries for the sale and the removal of the investment from the books.

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