Show Attempt HistoryCurrent Attempt in ProgressIn January 2022, the management of Wildhorse Company concludes that it has sufficient cash to purchase some short-terminvestments in debt and stock securities. During the year, the following transactions occurred.Jan.Purchased 76 $1.,000, 7% TRC bonds for $76.000. Interest is payable annually on December 31.1.Feb.Purchased 1,090 shares of LAF common stock for $46,870.1.Mar.Purchased 490 shares of NCL common stock for $17.150.Julya cash dividend of $0.80 per share on the LAF common stock.Aug.Sold 199 shares of LAF common stock at $42 per share.Sept.Received $2 per share cash dividend on the NCL common stock.Dec.31Received the annual interest on the TRC bonds.31Sold the TRC bonds for $77,598.At December 31. the fair values of the LAF and NCL common stocks were $39 and $28 per share, respectively. These stockinvestments by Wildhorse Company provide less than a 20% ownership interest. Your answer is partially correct.Prepare the adjusting entry at December 31, 2022, to report the investments at fair value. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts)Date Account Titles and ExplanationDebitCreditDec. 31Unrealized Gain or Loss-Income7790Fair Value Adjustment-Stock7790eTextbook and MediaList of AccountsSave for LaterAttempts:1of 3ced

Bonds- A bond is a fixed-income tool that represents a loan made by a shareholder to a borrower…

In January 2022, the management of Wildhorse Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Purchased 76 $1,000, 7% TRC bonds for $76.000. Interest is payable annually on December 31. Purchased 1,090 shares of LAF common stock for $46,870, Jan. Feb. 1. Mar. Purchased 490 shares of NCL common stock for $17.150. July Received a cash dividend of $0.80 per share on the LAF common stock. Aug 1. Sold 199 shares of LAF common stock at $42 per share. Sent Receivedd $2 per share cash dividend on the NCL

In January 2022, the management of Wildhorse Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Purchased 76 $1,000, 7% TRC bonds for $76.000. Interest is payable annually on December 31. Purchased 1,090 shares of LAF common stock for $46,870, Jan. Feb. 1. Mar. Purchased 490 shares of NCL common stock for $17.150. July Received a cash dividend of $0.80 per share on the LAF common stock. Aug 1. Sold 199 shares of LAF common stock at $42 per share. Sent Receivedd $2 per share cash dividend on the NCL

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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