Dynamic Express Inc. prepared the summary shown below regarding its investments on December 31, 2020, its year-end.
Question:
Dynamic Express Inc. prepared the summary shown below regarding its investments on December 31, 2020, its year-end. Prepare the appropriate entry on December 31, 2020, to record the fair value adjustment.
Transcribed Image Text:
Unadjusted Balance at Dec. 31/20 Fair Values at Dec. 31/20 Non-Strategic Investments Zelco shares. IMC shares. $102,000 $ 98,000 540,000 547,000 48,000 Petra shares 96,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
2020 Dec 31 Investment IMC Shares 7000 Investment Income Loss 45000 Investment Zelco Sha...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
Delware Inc. prepared the summary shown below regarding its investments on December 31, 2014, its year-end. Prepare the appropriate entry on December 31, 2014, to record the impairmentadjustment....
-
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2012...
-
Below are selected T-accounts for the RunnerTech Company. Below are selected T-accounts for the RunnerTech Company. Required: Complete the following journal entries and answer the following...
-
Calculate the directional derivative in the direction of v at the given point. Remember to use a unit vector in your directional derivative computation. g(x, y, z) = xe-y, v = (1, 1, 1), P = (1,2,0)
-
How many different three-letter initials can people have?
-
List the seven steps of the scientific method.
-
For what types of reason does the marginal revenue product differ between workers in different jobs?
-
Moon and Sons Inc. earned $120 million last year and retained $72 million. What is the payout ratio?
-
Consider a design for an exploratory therapeutic trial of a new antihypertensive drug compared with placebo. It has been agreed that a between group difference in mean change from baseline (that is,...
-
1.Discuss some types of queries for which renaming of attributes is necessary in order to specify the query unambiguously. 2.Discuss the various types of JOIN operations. Why is theta join required?...
-
Is the FVTPL category used when management plans to hold investments to maturity or if they plan to actively trade the debt investments?
-
The cost and fair value of non-strategic investments of International Journalist Corporation on December 31, 2020, and December 31, 2021, are as follows: Required 1. Prepare the fair value adjustment...
-
At what distance from a 10 W point source of electromagnetic waves is the electric field amplitude. (a) 100 V/m (b) 0.010 V/m?
-
Convert (1011.011)2 into normalised form. 1. (1.011011)2 x (2-) 2. (1.011011)2 x (2) 3. (0.1011011)2 x (24) 4. (0.1011011)2 x (2-4)
-
Sloane's annual salary is $80,000. She contributes 10% of her salary to her 401(k) plan; and her employer contributes 5% of her salary to a profit-sharing plan. She also contributes $2,500 per year...
-
Why is sexist language a problem for public speakers? What are the different gender-inclusive languageusages which have become so widely accepted that no speaker and writer can afford to ignore them?
-
1. My brother created a wedge-shaped air film between two sheets of glass, using a piece of paper 7.62 x 105 m thick as the spacer. He illuminated the wedge perpendicularly with 539-nm light....
-
What is the AGI of a tax return with the following information? How is the $3,000 reported? Wages (before dependent care contribution of $3,000): $75,452
-
One end of a wire is attached to a ceiling, and a solid brass ball is tied to the lower end. The tension in the wire is 120 N. What is the radius of the brass ball?
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Make a decision. .........Review results of the decision....
-
Managerial accounting techniques can be used in a wide variety of settings. As we have frequently pointed out, you can use them in many personal situations. They also can be useful in trying to find...
-
Managerial accounting techniques can be used in a wide variety of settings. As we have frequently pointed out, you can use them in many personal situations. They also can be useful in trying to find...
-
Investco is a trading firm and has Dec 3 1 as its annual closing date. On Oct 1 7 th of 2 0 1 9 , it had purchased 5 0 0 0 shares at $ 1 4 each. The share value on Dec. 3 1 , 2 0 1 9 was $ 1 2 . Due...
-
The December 3 1 balance sheet accounts of the Dan, Jim, and Mary Partnership are: Cash $ 2 0 , 0 0 0 Inventory 1 2 0 , 0 0 0 Plant assets - net 3 0 0 , 0 0 0 Accounts Payable 1 7 0 , 0 0 0 Dan,...
-
A taxpayer lives in their main home for ten straight years and decides to cash in on the market to move out of the city. Together with their spouse, they sell the home for $ 7 5 0 , 0 0 0 . Their...
Study smarter with the SolutionInn App