On January 1, 2020, Shamrock Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale) Total SHAMROCK INC. BALANCE SHEET AS OF JANUARY 1, 2020 $50,600 232,400 $283,000 Equity Common stock Accumulated other comprehensive income Total $235.100 47,900 $283,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair va of Shamrock Inc.'s available-for-sale debt securities at December 31, 2020, was $191,700; its cost was $131,400. No securities we 0000
On January 1, 2020, Shamrock Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale) Total SHAMROCK INC. BALANCE SHEET AS OF JANUARY 1, 2020 $50,600 232,400 $283,000 Equity Common stock Accumulated other comprehensive income Total $235.100 47,900 $283,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair va of Shamrock Inc.'s available-for-sale debt securities at December 31, 2020, was $191,700; its cost was $131,400. No securities we 0000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2020, Shamrock Inc. had the following balance sheet.
Assets
Cash
Debt investments (available-for-sale)
Total
SHAMROCK INC.
BALANCE SHEET
AS OF JANUARY 1, 2020
SHAMROCK INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020
Dividend revenue
$4,600
Gain on sale of investments
31,200
Net income
$35.800
Account Titles and Explanation
Fair Value Adjustment
$50,600
232,400
$283,000 Total
The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair valu
of Shamrock Inc.'s available-for-sale debt securities at December 31, 2020, was $191,700; its cost was $131,400. No securities wer
purchased during the year. Shamrock Inc's income statement for 2020 was as follows. (Ignore income taxes.)
Unrealized Holding Gain or Loss - Equity
Common stock
Accumulated other comprehensive income
Equity
Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. (Credit account titles are automatically indented
when 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.)
Debit
$235,100
47,900
$283,000
7200
Credit
7200
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