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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 $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630

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 $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630

FINANCIAL ACCOUNTING
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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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 $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630 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
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 $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630 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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