Question: can someone help with this assignment please? On December 31, 2016, Novak Corp. provided you with the following pre-adjustment information regarding its portfolio of investments

can someone help with this assignment please?

can someone help with this assignment please? On December 31, 2016, Novak

On December 31, 2016, Novak Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: December 31, 2016 Carrying Investments Amount Fair Value Moonstar Corp. shares $20,000 $18,800 Bilby Corp. shares 10,000 8,900 Radius Ltd. shares 19,800 20,400 Total portfolio $49,800 $48,100 During 2017, the Bilby Corp. shares were sold for $9,500. The fair values of the securities on December 31, 2017, were as follows: Moonstar Corp. shares $19,900 and Radius Ltd. shares $21,000. Dividends and other investment income and losses are all reported in one investment income account. (a) Prepare the adjusting journal entry needed on December 31, 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

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