Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influence over these companies. Investments Cost Fair Value Unrealized Gain (Loss) Sun Enterprises $82,750 $84,350 $1,600 Angle Co. 11,700 10,810 (890) Totals $94,450 $95,160 $710 Prepare the adjusting entry required at year end. (List debit entry before credit entry. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit
Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influence over these companies. Investments Cost Fair Value Unrealized Gain (Loss) Sun Enterprises $82,750 $84,350 $1,600 Angle Co. 11,700 10,810 (890) Totals $94,450 $95,160 $710 Prepare the adjusting entry required at year end. (List debit entry before credit entry. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influence
over these companies.
Investments
Cost
Fair Value
Unrealized Gain (Loss)
Sun Enterprises
$82,750
$84,350
$1,600
Angle Co.
11,700
10,810
(890)
Totals
$94,450
$95,160
$710
Prepare the adjusting entry required at year end. (List debit entry before credit entry. If no entry is required, select "No entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Dec. 31
Debit
Credit
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