Wind Industries had selected unadjusted balances as shown below at year-end. A search on the Internet showed
Question:
Wind Industries had selected unadjusted balances as shown below at year-end. A search on the Internet showed fair values on December 31, 2020, of CashCo, $18; Wells, $0.70. Prepare the appropriate entry on December 31, 2020, to record the valuation adjustment.
Non-strategic ................................................... Unadjusted Investments Balance at Dec. 31/20
CashCo shares (21,250 shares) ......................................................... $340,000
Wells shares (45,000 shares) ................................................................. 34,000
Step by Step Answer:
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann