(Solution) - Thornwood Consultants Ltd adopted the fair value option for a -(2025 Original AI-Free Solution)

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Thornwood Consultants, Ltd. adopted the fair value option for a recent acquisition of investment securities. Thornwood acquired common shares of Wicker Enterprises at a cost of $ 1,100,000. The year- end fair value of the shares is $ 1,300,000. Prepare the journal entries on the date of acquisition and at year- end to adjust Thornwood?s investments to fair value.