(Answered) On june 30 2015 metromedia inc purchased 10000 shares of

Accounting

On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $ 20 per share. The following information pertains to the fair value of Mitek stock:

Per Share

12/ 31/ 2015…$ 24

12/ 31/ 2016... 31

Required:

Assume that management considers the stock to be available- for- sale securities. Prepare the journal entries required on each date given.

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