Pacific Fishing Inc.?s actively traded non-strategic investments as of December 31, 2020, are as follows: Pacific Fishing

Question:

Pacific Fishing Inc.?s actively traded non-strategic investments as of December 31, 2020, are as follows:

Pacific Fishing Inc. had no investments prior to 2020.

Required

1. Prepare the fair value adjustment at December 31, 2020, based on the information provided.

2. Illustrate how the investments will be reported on the December 31, 2020, balance sheet.

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Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 18, 2019 06:26 AM

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Pacific Fishing Inc.?s actively traded non-strategic investments as of December 31, 2020, are as follows: Pacific Fishing

Question:

Fair Value Cost Enviroclean common shares.. Northern Utilities common shares. Imperial Oil common shares Farmer Solar Limited common shares. $17,700 42,850 25,300 34,900 $19,600 42,130 24,330 32,030

Step by Step Answer:

Part 1 2020 Dec 31 Investment Loss 2660 Investments E...View the full answer

Fundamental Accounting Principles Volume II

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