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On December 31, 2011, Walden owned the following securities that are held as a long-term investment. The securities are not held for influence or control of the investee.On this date, the total fair value of the securities was equal to its cost. In 2012, the following transactions occurred:
Received $1 per share semiannual cash dividend on Y Co. Common Stock.8 Received 4,000 shares of X Co. Common Stock in a 3 for 1 stock split.
Required:
(a) Journalize the two transactions above. If no journal entry is required put N/A next to the date.
(b) Assuming at December 31, 2011 the fair values per share of the common stocks were: X Co. $10, Y Co. $8, and Z Co. $5prepare the adjusting entry to show the securities at fair value assuming they are classified as "available-for-sale securities".
(c) Indicate where any unrealized gain/loss would be reported .
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