ACC Question1
On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.
During 2013, Carolina Company stock was sold for $12,520. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock—$23,150; Vectorman Co. stock—$24,310.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
December 31, 2012 | |||||||
Investments (Trading) | Cost | Fair Value | Unrealized Gain (Loss) | ||||
| Stargate Corp. stock | $23,880 | $22,880 | $(1,000 | ) | |||
| Carolina Co. stock | 12,840 | 11,840 | (1,000 | ) | |||
| Vectorman Co. stock | 23,880 | 24,440 | 560 | ||||
| Total of portfolio | $60,600 | $59,160 | (1,440 | ) | |||
| Previous fair value adjustment balance | 0 | ||||||
| Fair value adjustment—Cr. | $(1,440 | ) | |||||
During 2013, Carolina Company stock was sold for $12,520. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock—$23,150; Vectorman Co. stock—$24,310.
| (a) | Prepare the adjusting journal entry needed on December 31, 2012. | |
| (b) | Prepare the journal entry to record the sale of the Carolina Company stock during 2013. | |
| (c) | Prepare the adjusting journal entry needed on December 31, 2013. |
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
(a) | |||
(b) | |||
(c) | |||
List Of Accounts
|
13 years ago 3
Answer(1)
Purchase the answer to view it
Bids(0)