On its December 31, 2020, balance sheet, Pharoah Company reported its investment in equity securities, which had cost $640000, at fair value of $592000. At December 31, 2021, the fair value of the securities was $621000.
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Gilkey Corporation began the year with retained earnings of $465,000. During the year, the company issued $630,000 of common stock, recorded expenses of $1,800,000, and paid dividends of $120,000.
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