Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. $20,900 (a) (b) (c) 10,900 20,900 $52,700 $20,000 9,800 21,510 $51,310 $(900) (1,100 ) 610 (1,390 ) 0 $(1.390 ) During 2021, Colorado Co. stock was sold for $10,270. The fair value of the stock on December 31, 2021, w $20,100; Buffaloes Co. stock-$21,400. None of the equity investments result in significant influence. h Prepare the adjusting journal entry needed on December 31, 2020. Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. Prepare the adjusting journal entry needed on December 31, 2021.
Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. $20,900 (a) (b) (c) 10,900 20,900 $52,700 $20,000 9,800 21,510 $51,310 $(900) (1,100 ) 610 (1,390 ) 0 $(1.390 ) During 2021, Colorado Co. stock was sold for $10,270. The fair value of the stock on December 31, 2021, w $20,100; Buffaloes Co. stock-$21,400. None of the equity investments result in significant influence. h Prepare the adjusting journal entry needed on December 31, 2020. Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. Prepare the adjusting journal entry needed on December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Clemson Corp. stock
Colorado Co.stock
Buffaloes Co. stock
Total of portfolio
Previous fair value adjustment balance
Fair value adjustment-Cr.
(a)
(b)
$20,900
(c)
10,900
20,900
$52,700
$20,000
9,800
21,510
$51,310
$(900)
(1,100)
610
(1,390)
0
During 2021, Colorado Co. stock was sold for $10,270. The fair value of the stock on December 31, 2021, was
$20,100; Buffaloes Co. stock-$21,400. None of the equity investments result in significant influence.
D
Prepare the adjusting journal entry needed on December 31, 2020.
Prepare the journal entry to record the sale of the Colorado Co. stock during 2021.
Prepare the adjusting journal entry needed on December 31, 2021.
$(1.390 )
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