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QUESTION
The Jones Corp. started operations in 2018. During that year it purchased $20,000 worth of ABC stock and $30,000 of XYZ stock and considered both...
The Jones Corp. started operations in 2018. During that year it purchased $20,000 worth of ABC stock and $30,000 of XYZ stock and considered both trading. At the end of the year, the value of the ABC stock was $18,000 and the XYZ stock was $21,000. Record any necessary adjusting entries. Indicate what effect, if any, these entries have on net income. Also, assume ABC stock was sold in 2019 for $19,000. Record any necessary entries.
