b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolioto fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.8820Y6 Dec. 31c. If the fair value of the portfolio of securities was $135,700 on December 31, 20Y6, what would be the journal entry to adjust the portfolio tofair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.20Y6 Dec. 31d. If the fair value of the portfolio of securities was $130,900 on December 31, 20Y6, what would be the journal entry to adjust the portfolio tofair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.20Y6 Dec. 31 Entries for equity investments: 20%-50% ownershipAt a total cost of $761,600, Herrera Corporation acquired 56,000 shares of Tran Corp. common stock as a long-term investment. Tran Corp.has 200,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation.a. Journalize the entries by Herrera Corporation to record the following information: If an amount box does not require an entry, leave it blank.1. Tran Corp. reports net income of $1,370,000 for the current period.2. A cash dividend of $1.30 per common share is paid by Tran Corp. during the current period.88b. Why is the equity method appropriate for the Tran Corp. investment?An investment amountof the outstanding common stock of the investee is presumed to represent significant influence.The equity method is appropriate when the investorexercise significant influence over the investee.

At a total cost of $761,600, Herrera Corporation acquired 56,000 shares of Tran Corp. common stock as a long-term investment. Tran Corp. has 200,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation. a. Journalize the entries by Herrera Corporation to record the following information: If an amount box does not require an entry, leave it blank. 1. Tran Corp. reports net income of $1,370,000 for the current period. 2. A cash dividend of $1.30 per common share is paid by Tran Corp. during the current period. b. Why is the equity method appropriate for the Tran Corp. investment? An investment amount of the outstanding common stock of the investee is presumed to represent significant influence. The equity method is appropriate when the investor exercise significant influence over the investee.

At a total cost of $761,600, Herrera Corporation acquired 56,000 shares of Tran Corp. common stock as a long-term investment. Tran Corp. has 200,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation. a. Journalize the entries by Herrera Corporation to record the following information: If an amount box does not require an entry, leave it blank. 1. Tran Corp. reports net income of $1,370,000 for the current period. 2. A cash dividend of $1.30 per common share is paid by Tran Corp. during the current period. b. Why is the equity method appropriate for the Tran Corp. investment? An investment amount of the outstanding common stock of the investee is presumed to represent significant influence. The equity method is appropriate when the investor exercise significant influence over the investee.

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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answer in text form please (without image), Note: .Every entry should have narration please
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