During 2021, Nintendo held three Equity Securities. Information regarding these securities is as follows: Security Date Acquired
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Question:
During 2021, Nintendo held three Equity Securities. Information regarding these securities is as follows:
Security | Date Acquired | Acquisition Cost | Market Value (12/31/21) | Date Sold | Sale Price |
A | 1/16/21 | $55,000 | $49,000 | -- | -- |
B | 2/22/21 | $64,000 | $67,000 | -- | -- |
C | 5/11/21 | $97,000 | -- | 8/14/21 | $90,000 |
Based on the information given, what would be the effects on Nintendo's 2021 Income Statement? To answer this write the account name and amount that is reported on the income statement. (Hint: It will be helpful for you to determine the entries to be made during the year of 2021 and on 12/31/21)
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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