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1. Prepare Sterlings December 31 year-end adjusting entry to report its stock investments with insignificant...

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Accounting

1. Prepare Sterlings December 31 year-end adjusting entry to report its stock investments with insignificant influence at fair value.
2. After the fair value adjustment is made, prepare the assets section of Sterlings December 31 year-end classified balance sheet. Assume Sterling plans to sell its stock investments with insignificant influence within the next two months of the upcoming year.
3. In which income statement section is the unrealized gain or loss on the portfolio of stock investments with insignificant influence reported?
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