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On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.

On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.

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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Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

g. Investments -FV-OCI On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.
Transcribed Image Text:g. Investments -FV-OCI On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell it's shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class.
Purchase Date Description COST 6/15/2020 10,000 shares of Hub Cap Company 106,000.00
Transcribed Image Text:Purchase Date Description COST 6/15/2020 10,000 shares of Hub Cap Company 106,000.00
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