Compute the unrealized gains or losses.Unrealized2$Prepare the adjusting entry for Larkspur on December 31, 2021. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditDec. 31,Fair Value Adjustment2021Unrealized Holding Gain or Loss - Income Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in2020): (1) 2,800 shares of Anderson Co. common stock which cost $50,400, (2) 10,800 shares of Munter Ltd. common stock whichcost $604,800, and (3) 6,300 shares of King Company preferred stock which cost $270,900. The Fair Value Adjustment account showsa credit of $10,400 at the end of 2020.In 2021, Larkspur completed the following securities transactions.1.On January 15, sold 2,800 shares of Anderson's common stock at $20 per share less fees of $2,160.2.On April 17, purchased 900 shares of Castle's common stock at $33 per share plus fees of $2,030.On December 31, 2021, the market prices per share of these securities were Munter $65, King $40, and Castle $25. In addition, theaccounting supervisor of Larkspur told you that, even though all these securities have readily determinable fair values, Larkspur willnot actively trade these securities because the top management intends to hold them for more than one year.

Solution:- Given, Larkspur Company has the securities in its investment portfolio on December 31,…

Compute the unrealized gains or losses. Unrealized 2$ Prepare the adjusting entry for Larkspur on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, Fair Value Adjustment 2021 Unrealized Holding Gain or Loss - Income

Compute the unrealized gains or losses. Unrealized 2$ Prepare the adjusting entry for Larkspur on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, Fair Value Adjustment 2021 Unrealized Holding Gain or Loss - Income

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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