Brief Exercise 9-13 Blue Spruce Ltd. has a single investment that it acounts for using FV-OCI. The carrying value of the investment at the last reporting period was $65,900. To date, $2,970 of unrealized gains on fair value adjustments have been recorded to other comprehensive income. The original cost of the investment is therefore $62,930. On June 15, when the market value of the investment is $66,340, Blue Spruce sold the investment. Using the three-step approach, record the sale and reclassification (recycling) entry at June 15, assuming the investment an equity investment and the company reclassifies gains or losses to Retained Earnings on disposition of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry Entry" for the account titles and enter o for the amounts.) is "No Account Titles and Explanation Debit Credit (To adjust to fair value at date of disposal) (To record disposal) (To reclassify holding gain)

Brief Exercise 9-13 Blue Spruce Ltd. has a single investment that it acounts for using FV-OCI. The carrying value of the investment at the last reporting period was $65,900. To date, $2,970 of unrealized gains on fair value adjustments have been recorded to other comprehensive income. The original cost of the investment is therefore $62,930. On June 15, when the market value of the investment is $66,340, Blue Spruce sold the investment. Using the three-step approach, record the sale and reclassification (recycling) entry at June 15, assuming the investment an equity investment and the company reclassifies gains or losses to Retained Earnings on disposition of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry Entry" for the account titles and enter o for the amounts.) is "No Account Titles and Explanation Debit Credit (To adjust to fair value at date of disposal) (To record disposal) (To reclassify holding gain)

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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