16) ADC Corporation has the following investment which was held throughout 2021-2022: Fair Value 12/31/21 12/31/22...

 

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16) ADC Corporation has the following investment which was held throughout 2021-2022: Fair Value 12/31/21 12/31/22 $1,200,000 $1,140,000 Cost Equity investment $900,000 What amount of gain or loss would ABC Corporation report in its income statement for the year ended December 31, 2022 related to its investment? A) $300,000 gain B) $60,000 gain C) $60,000 loss D) $240,000 gain 17) At December 31, 2021, ABC Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2021? A) Unrealized Holding Gain or Loss-Income28,000 Fair Value Adjustment B) Fair Value Adjustment Unrealized Holding Gain or Loss-Income 28,000 C) Fair Value Adjustment Unrealized Holding Gain or Loss-Income D) Unrealized Holding Gain or Loss-Income20,000 Fair Value Adjustment Catlett Corp. Lyman, Inc. 28,000 28,000 20,000 20,000 20,000 18) ABC Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Fair Cost Value $260,000 $215,000 245.000 265.009 Unrealized Gain (Loss) $(45,000) 20.000 16) ADC Corporation has the following investment which was held throughout 2021-2022: Fair Value 12/31/21 12/31/22 $1,200,000 $1,140,000 Cost Equity investment $900,000 What amount of gain or loss would ABC Corporation report in its income statement for the year ended December 31, 2022 related to its investment? A) $300,000 gain B) $60,000 gain C) $60,000 loss D) $240,000 gain 17) At December 31, 2021, ABC Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2021? A) Unrealized Holding Gain or Loss-Income28,000 Fair Value Adjustment B) Fair Value Adjustment Unrealized Holding Gain or Loss-Income 28,000 C) Fair Value Adjustment Unrealized Holding Gain or Loss-Income D) Unrealized Holding Gain or Loss-Income20,000 Fair Value Adjustment Catlett Corp. Lyman, Inc. 28,000 28,000 20,000 20,000 20,000 18) ABC Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Fair Cost Value $260,000 $215,000 245.000 265.009 Unrealized Gain (Loss) $(45,000) 20.000

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Question Solution Calculation of amount of gain or loss to be reported in income statement of ABC Co... View the full answer