No. |
Account Titles & Explanations |
Debit |
Credit |
(a) |
Unrealized Holding Gain or Loss -Equity |
$1400 |
|
Fair Value Adjustment |
$1400 |
||
(To Adjust to Fair Value for 2020) |
|||
(b) |
Cash |
$9400 |
|
Loss on Sale of Investment |
$600 |
||
Equity Investment |
$10000 |
||
(To Record Sale of Stock) |
|||
(c) |
Fair Value Adjustment |
$1000 |
|
Unrealized Holding Gain or Loss-Equity |
$1000 |
||
(To Adjust to Fair Value for 2021) |
Investments |
Amortized Costs |
Fair Value |
Unrealized Gain (Loss) |
Clemson Corp. stock |
$20000 |
$19100 |
($900) |
Buffaloes Co. stock |
$20000 |
$20500 |
$500 |
$40000 |
$39600 |
($400) |
|
Previous Fair Value Adjustment (Credit) |
$1400 |
||
Fair Value Adjustment (Debit) |
$1000 |
Exercise 17-07 On December 21, 2020, Bucky Katt Company provided you with the following information regarding...
On December 21, 2017, Bucky Katt Company provided you with the following information regarding its equity investments. December 31, 2017 Fair Value Unrealized Gain (Loss) Investments (Trading) Cost (1,000) (1,000 ) 600 (1,400) Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. $20,000 $19,000 9,000 20,000 20,600 $50,000 $48,600 10,000 0 $ (1,400) During 2018, Colorado Company stock was sold for $9,400. The fair value of the stock on...
On December 21, 2020, Concord Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $20,800 $19,900 $(900) Colorado Co. stock 9,300 8,300 (1,000) Buffaloes Co. stock 20,800 21,420 620 Total of portfolio $50,900 $49,620 (1,280) Previous fair value adjustment balance Fair value adjustment-Cr. $(1,280) During 2021, Colorado Co. stock was sold for $8,790. The fair value of the stock on December 31, 2021, was...
On December 21, 2020, Coronado Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $19,300 $18,200 $(1,100 ) Colorado Co. stock 10,400 9,400 (1,000 ) Buffaloes Co. stock 19,300 19,930 630 Total of portfolio $49,000 $47,530 (1,470 ) Previous fair value adjustment balance 0 Fair value adjustment—Cr. $(1,470 ) During 2021, Colorado Co. stock was sold for $9,910. The fair value of the stock...
On December 21, 2020, Splish Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $19,900 $18,900 $(1,000 ) Colorado Co. stock 10,300 9,200 (1,100 ) Buffaloes Co. stock 19,900 20,460 560 Total of portfolio $50,100 $48,560 (1,540 ) Previous fair value adjustment balance 0 Fair value adjustment—Cr. $(1,540 ) During 2021, Colorado Co. stock was sold for $9,750. The fair value of the stock...
On December 21, 2020, Buffalo Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp.stock $18,600 $(900) (1,100) 9,900 Colorado Co.stock Buffaloes Co.stock $17,700 8,800 19,190 $45,690 590 18,600 $47,100 Total of portfolio (1.410) Previous fair value adjustment balance Fair value adjustment-Cr. $(1.410) During 2021, Colorado Co. stock was sold for $9,270. The fair value of the stock on December 31, 2021, was Clemson Corp. stock-$17,800;...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Unrealized Gain Fair Value Cost Investments (Trading) (Loss) $(1,000) (1,000) $19,660 $20,660 Clemson Corp. stock 10,520 11,520 Colorado Co. stock 670 21,330 20,660 Buffaloes Co. stock (1,330) $51,510 $52,840 Total of portfolio Previous fair value adjustment balance $(1,330) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $10,930. The...
Exercise 17-7 On December 21, 2017, Sheffield Company provided you with the following information regarding its equity investments. December 31, 2017 Investments (Trading) Cost_ Fair Value Unrealized Gain (Loss) Clemson Corp. stock $21,900 $20,900 $(1,000) Colorado Co. stock 10,100 9,100 (1,000) Buffaloes Co. stock 21,900 22,480 580 Total of portfolio $53,900 $52,480 (1,420 ) Previous fair value adjustment balance Fair value adjustment-Cr. $(1,420) During 2018, Colorado Company stock was sold for $9,650. The fair value of the stock on December...
On December 21, 2020, Marigold Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $20,300 $19,200 $(1,100) Colorado Co.stock 10,600 9,500 (1,100) Buffaloes Co. stock 20,300 20,900 600 Total of portfolio $51,200 $49,600 (1,600) Previous fair value adjustment balance Fair value adjustment-Cr. $(1,600) During 2021, Colorado Co.stock was sold for $10,010. The fair value of the stock on December 31, 2021, was Clemson Corp.stock-$19,290;...
Exercise 17-7 On December 21, 2017, Pina Company provided you with the following information regarding its equity investments December 31, 2017 Fair Value Unrealized Gain CLoss) Investments (Trading) Cost Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr $19,800 $18,900 400 8,500 19,800 20,450 49,000 $47,850 $(900) (900) 650 (1,150 ) $(1,150) During 2018, Colorado Company stock was sold for $8,960. The fair value of the stock on December...
Question 2 --/1 View Policies Current Attempt in Progress On December 21, 2020, Sage Company provided you with the following information regarding its equity investments. December 31,2020 Investments (Trading) Unrealized Gain (Loss) Cost Fair Value $17,500 $18.400 $(900) Clemson Corp. stock Colorado Co. stock (1,000) 10,600 9,600 Buffaloes Co. stock 18,400 19,010 610 $47,400 $46,110 Total of portfolio (1,290) Previous fair value adjustment balance 0 Fair value adjustment-Cr $(1,290) During 2021, Colorado Co. stock was sold for $10,1 10. The...