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Bartow Company acquires common stock of Champion Enterprises for $400,000 on November 1, 2013, and designates this investment as available-for-sale.The fair value of these shares is $435,000 on December 31, 2013.Bartow sells these shares on August 15, 2014, for $480,000.
a. What is the journal entry to record acquisition of securities available-for-sale on November 1, 2013?
b. What is the journal entry to measure securities available-for-sale on December 31, 2013?
c. What is the journal entry to record the sale of securities available-for-sale on August 15, 2014?.
d. What is the total income from the purchase and sale of these securities reported in the year of sale?
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