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On May 20, Montero Company paid $252,000 to acquire 115 shares (7%) of ORD Corporation...

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Accounting

On May 20, Montero Company paid $252,000 to acquire 115 shares (7%) of ORD Corporation as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for $26,500.Prepare entries to record both the acquisition and the sale of these shares.Should this stock investment be reported at fair value or at cost on the balance sheet?

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