Irving Inc.s non-strategic investment portfolio at December 31, 2022, consisted of the following: *The fair value adjustments

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Irving Inc.’s non-strategic investment portfolio at December 31, 2022, consisted of the following:


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*The fair value adjustments were recorded on December 31, 2022.


Irving Inc. had no debt and equity investments at December 31, 2022, other than those shown above. During 2023, Irving engaged in the following transactions:


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Required


1. Calculate the total fair value adjustment that was recorded on December 31, 2022.


2. Journalize the 2023 transactions as detailed above.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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