December 20 Purchases 280,000 shares in Classic Computers common stock for $1,344,000 ( $4.80 per...
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December 20 Purchases 280,000 shares in Classic Computers common stock for $1,344,000 ( $4.80 per share). December 28 Receives cash dividends of $5,800 from the Classic Computers shares. December 31 The fair value of Classic Computers' stock is $4.60 per share. Required: 1. How will each of these transactions, including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. Calculate the balance of the Investments account on December 31. Complete this question by entering your answers in the tabs below. Note: Amounts to be deducted should be indicated by a minus sign. Receives cash dividends of $5,800 from the Classic Computers shares. How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign
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