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Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,780. The original cost of the investments in the portfolio was $3,360. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $189. Date Account Name Dec. 31 b. Debit balance of $189. Date Dec. 31 Check Account Name • • Dr. Dr. Cr. Cr.

Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,780. The original cost of the investments in the portfolio was $3,360. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $189. Date Account Name Dec. 31 b. Debit balance of $189. Date Dec. 31 Check Account Name • • Dr. Dr. Cr. Cr.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,780. The original cost of the investments in the portfolio was $3,360. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $189. Date Dec. 31 Account Name b. Debit balance of $189. Date Dec. 31 Check Account Name → ◆ + = Dr. Dr. Cr. Cr.
Transcribed Image Text:Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,780. The original cost of the investments in the portfolio was $3,360. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $189. Date Dec. 31 Account Name b. Debit balance of $189. Date Dec. 31 Check Account Name → ◆ + = Dr. Dr. Cr. Cr.
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