On December 21, 2025, Whispering Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock December 31, 2025 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (a) (b) (c) Co $21,200 9,300 21,200 $51,700 Fair Value $20,100 8,200 21,740 $50,040 Unrealized Gain (Loss) $(1,100) (1,100) 540 (1,660) 0 $(1,660) During 2026, Colorado Co. stock was sold for $8,750. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $20,210; Buffaloes Co. stock-$21,650. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2025. Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. Prepare the adjusting journal entry needed on December 31, 2026.

On December 21, 2025, Whispering Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock December 31, 2025 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (a) (b) (c) Co $21,200 9,300 21,200 $51,700 Fair Value $20,100 8,200 21,740 $50,040 Unrealized Gain (Loss) $(1,100) (1,100) 540 (1,660) 0 $(1,660) During 2026, Colorado Co. stock was sold for $8,750. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $20,210; Buffaloes Co. stock-$21,650. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2025. Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. Prepare the adjusting journal entry needed on December 31, 2026.

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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