Business, 01.08.2020 17:01 southerntouch103

January 1, 2021, Smith Co. purchased common stock of North Company for $500,000. North Company has common stock outstanding of $10 million. Smith owns 5% of the outstanding stock of North. On December 31, 2021, the investment in North Company has a fair value of $505,000. On January 1, 2022, Smith sells the investment in North Company for $505,000. What journal entry is required to record the sale

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January 1, 2021, Smith Co. purchased common stock of North Company for $500,000. North Company has c...

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