On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars...
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On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Cost Stock Investments Apple stock. Chipotle stock Fair Value $ 8,000 $ 6,400 3,200 Under Armour stock 1,108 12,200 10,700 Exercise 15-10 (Algo) Fair value adjustment to stock Investments with Insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Credit December 31 Clear entry View general journal Record entry Debit On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Cost Stock Investments Apple stock. Chipotle stock Fair Value $ 8,000 $ 6,400 3,200 Under Armour stock 1,108 12,200 10,700 Exercise 15-10 (Algo) Fair value adjustment to stock Investments with Insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Credit December 31 Clear entry View general journal Record entry Debit
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Calculate following Cost Fair value Gain loss Apple Stock 6400 ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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