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Accounting
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As a longterm investment, Fair Company purchased of Midlin Company's shares for $ at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $ and distributed cash dividends of $ per share. At yearend, the fair value of the shares is $
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Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate.
Note: If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
Answer is complete but not entirely correct.
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