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On December 31, 2022, Bridgeport Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: Investments Moonstar Corp. shares Bilby Corp. shares Radius Ltd. shares Total portfolio December 31, 2022 Carrying Amount $18,000 9,000 18,000 $45,000 Fair Value $17,100 8,100 18,500 $43,700 During 2023, the Bilby shares were sold for $8,500. The fair values of the securities on December 31,2023, were as follows: Moonstar shares $17,900 and Radius shares $18,400. The company does not recognizeand report dividends and other components of investment gains and losses separately.

On December 31, 2022, Bridgeport Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: Investments Moonstar Corp. shares Bilby Corp. shares Radius Ltd. shares Total portfolio December 31, 2022 Carrying Amount $18,000 9,000 18,000 $45,000 Fair Value $17,100 8,100 18,500 $43,700 During 2023, the Bilby shares were sold for $8,500. The fair values of the securities on December 31,2023, were as follows: Moonstar shares $17,900 and Radius shares $18,400. The company does not recognizeand report dividends and other components of investment gains and losses separately.

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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10, please answer part c thanks

On December 31, 2022, Bridgeport Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: Investments Moonstar Corp. shares Bilby Corp. shares Radius Ltd. shares Total portfolio (a) Your Answer Correct Answer Your answer is correct. (b) Investment Income or Loss FV-NI Investments Carrying Amount $18,000 eTextbook and Media During 2023, the Bilby shares were sold for $8,500. The fair values of the securities on December 31,2023, were as follows: Moonstar shares $17,900 and Radius shares $18,400. The company does not recognizeand report dividends and other components of investment gains and losses separately. Account Titles and Explanation Solution December 31, 2022 List of Accounts 9,000 18,000 $45,000 Prepare the adjusting journal entry needed on December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Cash Your Answer Correct Answer (Used) FV-NI Investments Account Titles and Explanation Fair Value $17,100 Gain on Disposal of Investments - FV-NI 8,100 18,500 $43,700 Debit 1300 Prepare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Debit Credit 8,500 1300 Credit Assistance Used Attempts: 3 of 3 used 400 8,100
Transcribed Image Text:On December 31, 2022, Bridgeport Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: Investments Moonstar Corp. shares Bilby Corp. shares Radius Ltd. shares Total portfolio (a) Your Answer Correct Answer Your answer is correct. (b) Investment Income or Loss FV-NI Investments Carrying Amount $18,000 eTextbook and Media During 2023, the Bilby shares were sold for $8,500. The fair values of the securities on December 31,2023, were as follows: Moonstar shares $17,900 and Radius shares $18,400. The company does not recognizeand report dividends and other components of investment gains and losses separately. Account Titles and Explanation Solution December 31, 2022 List of Accounts 9,000 18,000 $45,000 Prepare the adjusting journal entry needed on December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Cash Your Answer Correct Answer (Used) FV-NI Investments Account Titles and Explanation Fair Value $17,100 Gain on Disposal of Investments - FV-NI 8,100 18,500 $43,700 Debit 1300 Prepare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Debit Credit 8,500 1300 Credit Assistance Used Attempts: 3 of 3 used 400 8,100
Prepare the adjusting journal entry needed on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Prepare the adjusting journal entry needed on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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