The following information is available for Kinney Company at December 31, 2015, regarding its investments. Instructions (a)

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The following information is available for Kinney Company at December 31, 2015, regarding its investments.

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Instructions

(a) Prepare the adjusting entry (if any) for 2015, assuming the investments are classified as trading.

(b) Prepare the adjusting entry (if any) for 2015, assuming the investments are classified as non-trading.

(c) Discuss how the amounts reported in the financial statements are affected by the entries in

(a) and (b).

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Mar 23, 2024 08:01 AM

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The following information is available for Kinney Company at December 31, 2015, regarding its investments. Instructions (a)

Question:

Investments 3,000 ordinary shares of Petty Corporation 1,000 preference shares of Dowe Incorporated Cost Fair Value 40,000 46,000 25,000 22,000 65,000 68,000

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Intermediate Accounting IFRS Edition

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