Pacific Fishing Inc.s actively traded non-strategic investments as of December 31, 2023, are as follows: Pacific Fishing

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Pacific Fishing Inc.’s actively traded non-strategic investments as of December 31, 2023, are as follows:

Pacific Fishing Inc. had no investments prior to 2023.

Required1. Prepare the fair value adjustment at December 31, 2023, based on the information provided.2. Illustrate how the investments will be reported on the December 31, 2023, balance sheet.

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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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Question Posted: Jun 02, 2023 07:03 AM

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Pacific Fishing Inc.s actively traded non-strategic investments as of December 31, 2023, are as follows: Pacific Fishing

Question:

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

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Fundamental Accounting Principles Volume 2

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