On March 17,2015,Union Corporation purchased 5,000 shares of AZQ common stock as a long-term investment at $40 per share.On December 31,2015,and December 31,2016,the market value of the AZQ stock is $42 and $43,respectively.
Required:
(1. )What is the appropriate reporting category for this stock? Why?
(2. )Prepare the adjusting entry on December 31,2015.
(3. )Prepare the adjusting entry on December 31,2016.
Correct Answer:
Verified
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