Pacific Fishing Inc.s non-strategic investments as of December 31, 2017, are as follows: Cost Fair Value RIM
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Question:
Pacific Fishing Inc.’s non-strategic investments as of December 31, 2017, are as follows:
Cost | Fair Value | |
RIM common shares | $17,600 | $19,450 |
Northern Electric common shares | 42,750 | 42,050 |
Imperial Oil common shares | 25,200 | 24,250 |
Inco Limited common shares | 34,800 | 31,950 |
Pacific Fishing Inc. had no investments prior to 2017.
Required:
1. Prepare the fair value adjustment at December 31, 2017, based on the information provided. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Illustrate how the investments will be reported on the December 31, 2017, balance sheet.
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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