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finance The investments of Commerce Bank Inc. include $12,000$ shares of RadTek Inc. common stock purchased on February $21$, $2010$, for $\$16$ per share. These shares were classified as trading securities. As of the December $31$, $2010$, balance sheet date, assume that the share price increased to $\$21$ per share. As of the December 31, $2011$, balance sheet date, assume that the share price declined to $\$20$ per share. The investment was held through December $31$, $2011$.\ $\hspace{20pt}$ Journalize the entries to record the adjustment of the RadTek Inc. investment to fair value on December $31$, $2010$, and December $31$, $2011$. Verified answer Recommended textbook solutions
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Which of the following is a specific objective of financial reporting quizlet?
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