Homework Help is Here – Start Your Trial Now!
Business
Accounting
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) December 31, 2022 Carrying Amount $18,000 Unrealized Gain or Loss 9,000 18,000 $45,000 Fair Value Account Titles and Explanation $17,100 8,100 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. 18,500 $43,700 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.) Debit 1300 Credit 1300

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) December 31, 2022 Carrying Amount $18,000 Unrealized Gain or Loss 9,000 18,000 $45,000 Fair Value Account Titles and Explanation $17,100 8,100 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. 18,500 $43,700 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.) Debit 1300 Credit 1300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

10, please answer the question. 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) December 31, 2022 Carrying Amount $18,000 9,000 Unrealized Gain or Loss 18,000 $45,000 Fair Value Account Titles and Explanation $17,100 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. 8,100 18,500 $43,700 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.) Debit 1300 Credit 1300
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) December 31, 2022 Carrying Amount $18,000 9,000 Unrealized Gain or Loss 18,000 $45,000 Fair Value Account Titles and Explanation $17,100 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. 8,100 18,500 $43,700 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.) Debit 1300 Credit 1300
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS