Question: Prepare the journal entry needed to record the partial sale of the investment acquired in BE16-9. Assume that Turner sold 12,800 of the Fenwick shares

Prepare the journal entry needed to record the partial sale of the investment acquired in BE16-9. Assume that Turner sold 12,800 of the Fenwick shares for $47 per share in 2017 and the fair value of the remaining shares is $41 per share on December 31, 2017. Prepare the journal entry on December 31, 2017.

Data from BE16-9

Turner Tires. lnc., acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2016. This investment docs not allow Turner to participate in the decision making of Fenwick, and the company therefore docs not have the ability to exert significant influence over the investee company. The market value of the shares at December 31, 2016, is $41 per share.

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