Landson company is an industrial firm that specialize in producing household cleaning products, steve is the financial
Question:
Landson company is an industrial firm that specialize in producing household cleaning products, steve is the financial manager of the company and one of his strategies to use the extra cash is to invest in financial instruments.
Steve started investing in 2018 and the company had no investing activities before that year. All the investing activities were for trading purposes and you have the following data extracted from the ledger of landson for the years of 2018, 2019, 2020.
Fair value adjustment 31.12.2018 | 35,670 Cr |
Fair value adjustment 31.12.2019 | 18,700 Cr |
Fair value adjustment 31.12.2020 | 40,500 Cr |
Required :
What is the journal entry to record the fair value adjustments in in 2018, 2019, 2020?
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus