Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2023, are as follows: Cost Fair Value $18,500 43,650 26,100 35,700 Enviroclean common shares Northern Utilities common shares Imperial Oil common shares Farmer Solar Limited common shares Pacific Fishing Inc. had no investments prior to 2023. Required: 1. Prepare the fair value adjustment at December 31, 2023, based on the information provided. View transaction list Journal entry worksheet < 1 Record the fair value adjustment. Note: Enter debits before credits. Date Dec 31, 2023 Record entry General Journal $20,800 42,770 24,970 32,670 Clear entry Debit Credit View general journal 2. Illustrate how the investments will be reported on the December 31, 2023, balance sheet.

Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2023, are as follows: Cost Fair Value $18,500 43,650 26,100 35,700 Enviroclean common shares Northern Utilities common shares Imperial Oil common shares Farmer Solar Limited common shares Pacific Fishing Inc. had no investments prior to 2023. Required: 1. Prepare the fair value adjustment at December 31, 2023, based on the information provided. View transaction list Journal entry worksheet < 1 Record the fair value adjustment. Note: Enter debits before credits. Date Dec 31, 2023 Record entry General Journal $20,800 42,770 24,970 32,670 Clear entry Debit Credit View general journal 2. Illustrate how the investments will be reported on the December 31, 2023, balance sheet.

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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