Business, 12.08.2020 18:01 mmagee2020
On December 21, 2017, Novak Company provided you with the following information regarding its equity investments.
December 31, 2017
Investments (Trading)
Cost
Fair Value
Unrealized Gain (Loss)
Clemson Corp. stock $20,200 $19,300 $(900)
Colorado Co. stock 9,900 8,900 (1,000)
Buffaloes Co. stock 20,200 20,790 590
Total of portfolio $50,300 $48,990 (1,310)
Previous fair value adjustment balance 0
Fair value adjustment—Cr. $(1,310)
During 2018, Colorado Company stock was sold for $9,410. The fair value of the stock on December 31, 2018, was Clemson Corp. stock—$19,410; Buffaloes Co. stock—$20,700. None of the equity investments result in significant influence.
(a) Prepare the adjusting journal entry needed on December 31, 2017.
(b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2018.
(c) Prepare the adjusting journal entry needed on December 31, 2018.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
(b) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
(c) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
Answers: 1
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On December 21, 2017, Novak Company provided you with the following information regarding its equity...
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