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Number of Bitcoin Number of...

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Accounting

Number of Bitcoin
Number of Bitcoin Purchased 72
Price of Bitcoin
Average Purchase price $ 25,000
Market price on 12/31/2022 $ 21,500
Market price on 12/31/2023(Hypthetical) $ 26,000
Other Important Numbers
Tax Rate 21%

Make the necessary adjusting entries to account for Phoenix, Inc.'s investment in Digital Assets. at the end of the fiscal year, assuming that Phoenix's finance team decides to use the ASC820 method to account for the investment.

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