Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Wildhorse has less than a 20% ownershipinterest in all these common stocks (C Co., D Co., and E Co.). (Credit account titles are automatically indented when the amount isentered. 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 ExplanationDec. 31Fair Value Adjustment-StockUnrealized Gain or Loss-IncomeDebit3370Credit3370 On December 31, 2021, the end of its first year of operations, Wildhorse Associates owned the following securities that are held aslong-term investments.Common StockC Co.D Co.JulyAug.Sept.Oct.Dec.E Co.On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over theinvestees. In 2022, the following transactions occurred.111 Received $2.00 per share semiannual cash dividend on D Co. common stock.Received $0.50 per share cash dividend on C Co. common stock.Sold 1,020 shares of D Co. common stock for cash at $8 per share.Sold 310 shares of C Co. common stock for cash at $52 per share.Received $1 per share cash dividend on E Co. common stock.Received $0.50 per share cash dividend on C Co. common stock.Received $2.00 per share semiannual cash dividend on D Co. common stock.1Nov. 1Shares1,0505,0901,19915Cost31$50,40038,17525,179At December 31, the fair values per share of the common stocks were C Co. $47, D Co. $7.30, and E Co. $25. These investmentsshould be classified as long-term.

Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Wildhorse has less than a 20% ownership interest in all these common stocks (C Co., D Co., and E Co.). (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.) Date Dec. 31 Account Titles and Explanation Fair Value Adjustment-Stock Unrealized Gain or Loss-Income Debit 3370 Credit 3370

Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Wildhorse has less than a 20% ownership interest in all these common stocks (C Co., D Co., and E Co.). (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.) Date Dec. 31 Account Titles and Explanation Fair Value Adjustment-Stock Unrealized Gain or Loss-Income Debit 3370 Credit 3370

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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