FKG Inc. carries the following investments on its books at December 31, 2009, and December 31, 2010. All securities were purchased during 2009.
Required:(1.) Prepare the necessary journal entries for FKG on December 31, 2009, and December 31, 2010.
(2.) What net effect would the valuation of these stock investments have on 2009 net income? On 2010 net income?
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(2.)
2009: Net Income would be redu...
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