Homework Answers
Answer: Debit fair value adjustment - available for sale (LT) $20,000 , Credit Unrealized gain- equity $20,000
Working:
| Date | General Journal | Debit | Credit |
| Dec 31,20X2 | Fair value adjustment-available for sale | $ 20,000 | |
| Unrealized gain-equity | $ 20,000 | ||
| For dec 31,20X2 | |
| Fair value | $ 396,000 |
| Less: cost | $ (376,000) |
| Unrealized gain | $ 20,000 |
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