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  3. question 3. (15 marks): dunng 2021, comwall compan

QUESTION 3. (15 marks): Dunng 2021, Comwall Company had the following transactions relating to its...

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QUESTION 3. (15 marks): Dunng 2021, Comwall Company had the following transactions relating to its investments held for trading: Feb 1 Purchased 1,000 common shares of Kettle Corp for $12 each May 20 Purchased 3,000 shares of Capital Corp for $22 each Jul 1 Received dividends totalling $1,000 from Kettle Corp. Sep 10 Sold 1,000 shares of the investment in Capital Corp for $20 per share. On December 31, Cornwall's year end, the Kettle Corp shares are trading at $10 and the Capital Corp shares are trading at $25. Instructions a) Record the transactions and prepare any adjusting entries required at December 31, 2021 b) Determine the amounts to be reported on Cornwall's balance sheet and income statement at December 31, 2021 related to its investment in equity securities

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