During 2018, Colorado Company stock was sold for $10,140. The fair value of the stock on December
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During 2018, Colorado Company stock was sold for $10,140. The fair value of the stock on December 31, 2018, was Clemson Corp. stock—$18,610; Buffaloes Co. stock—$19,900. 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.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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