On December 31, Mars Company had the following portfolio of stock investments with insignificant inf stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 e. Mars ha Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no
stock investments in prior periods.
Stock Investments
Apple stock
Chipotle stock
Under Armour stock
Cost
$ 6,400
3,800
12,700
Fair Value
$ 9,600
2,900
14,800
Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4
Prepare the December 31 adjusting entry to report these investments at fair value.
View transaction list
Journal entry worksheet
>
1
Record the year-end adjustment to fair value, if any.
7
Transcribed Image Text:On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet > 1 Record the year-end adjustment to fair value, if any. 7
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