What is the journal entry to record fair value adjustment

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Reference no: EM132636253

Question 1: During Y1, Doby purchased 5,000 of the 500,000 outstanding shares of Mynd's common stock for $35,000. During Y1, Mynd reported $200,000 of net income and declared and paid dividends of $180,000. The selling price of Mynd's share on on 12/31/Y1 was $6.40. What is the journal entry, if any, to record the fair value adjustment on 12/31/Y1?

Reference no: EM132636253

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