If someone could please explain how i'm suppose to solve the following (B) and (C) from this question that would be great and help me understand. Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. (List all debit entries before credit entries.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.)(c)Date Account Titles and ExplanationDec. 31Unrealized Gain or Loss-EquityFair Value Adjustment-Available-for-SaleeTextbook and MediaList of AccountsSave for Later Last saved 1 second ago.InvestmentsShow the balance sheet presentation of the investments at December 31, 2022. At this date, Cullumber Associates has commonstock $1,425,000 and retained earnings $1,089,000.Investment In Stock of Less Than 20% Owned Companies, at fair value ✓Stockholders' EquityCommon StockRetained EarningsTotal Pald-In Capital and Retained EarningsLess : Retained EarningsTotal Stockholders' EquityCullumber AssociatesBalance Sheet (Partial)For the Year Ended December 31, 2022<Debit<<Attempts: 0 of 2 used Submit AnswerCredit69$$ On December 31, 2021, the end of its first year of operations, Cullumber Associates owned the following securities, that are held as along-term investments. The securities are not held for influence or control of the investee.Common StockGehring Co.Wooderson Co.Kitselton Co.Aug. 1Sept.1Oct.Nov.On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred.Received $0.50 per share cash dividend on Gehring Co. common stock.Sold 1,560 shares of Wooderson Co. common stock for cash at $6 per share.Sold 840 shares of Gehring Co. common stock for cash at $31 per share.Received $1 per share cash dividend on Kitselton Co. common stock.Received $0.50 per share cash dividend on Gehring Co. common stock.Received $1 per share annual cash dividend on Wooderson Co. common stock.11Dec. 15Shares2,100Dec. 315,2001,400Cost$58,80036,40028,000At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $6, and Kitselton Co. $18.These investments should be classified as long-term.

Cash Dividend is the payment of dividends (alternatively, distribution of funds) by the entity to…

Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Dec. 31 Unrealized Gain or Loss-Equity (c) Fair Value Adjustment-Available-for-Sale eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Investments Show the balance sheet presentation of the investments at December 31, 2022. At this date, Cullumber Associates has common stock $1,425,000 and retained earnings $1,089,000. Investment In Stock of Less Than 20% Owned Companies, at fair value Stockholders' Equity Common Stock Retained Earnings Total Pald-In Capital and Retained Earnings Less Retained Earnings Total Stockholders' Equity Debit Cullumber Associates Balance Sheet (Partial) For the Year Ended December 31, 2022 < < Credit Attempts: 0 of 2 used Submit Answer $

Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Dec. 31 Unrealized Gain or Loss-Equity (c) Fair Value Adjustment-Available-for-Sale eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Investments Show the balance sheet presentation of the investments at December 31, 2022. At this date, Cullumber Associates has common stock $1,425,000 and retained earnings $1,089,000. Investment In Stock of Less Than 20% Owned Companies, at fair value Stockholders' Equity Common Stock Retained Earnings Total Pald-In Capital and Retained Earnings Less Retained Earnings Total Stockholders' Equity Debit Cullumber Associates Balance Sheet (Partial) For the Year Ended December 31, 2022 < < Credit Attempts: 0 of 2 used Submit Answer $

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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