The following accounts are in Tan Limited's December 31, 2017 trial balance: Prepaid Rent $1,600; Fair Value-OCI

Question:

The following accounts are in Tan Limited's December 31, 2017 trial balance: Prepaid Rent $1,600; Fair Value-OCI Investments $62,000; Unearned Revenue $7,000; Land Held for Speculation $119,000; and $45,000. Prepare the long-term investments section of the statement of financial position. Identify which items are financial instruments.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...