I need the numbers for this account Your answer is partially correct.Prepare the appropriate adjusting entries for Ivanhoe as of December 31, 2020, to reflect the application of the "fair value" rulefor the securities described above. (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 0 for the amounts.)Account Titles and ExplanationDebitCreditFair Value Adjustment20000Unrealized Holding Gain or Loss - Income20000eTextbook and MediaAssistance UsedList of Accounts Ivanhoe Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has longdominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupledwith a conservative dividend policy, resulted in funds available for outside investment. Over the years, Ivanhoe has had a policy ofinvesting idle cash in equity securities. In particular, Ivanhoe has made periodic investments in the company's principal supplier,Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Ivanhoe does nothave significant influence over the operations of Norton Industries.Cheryl Thomas has recently joined Ivanhoe as assistant controller, and her first assignment is to prepare the 2020 year-endadjusting entries for the accounts that are valued by the "fair value" rule for financial reporting purposes. Thomas has gathered thefollowing information about Ivanhoe' pertinent accounts.Ivanhoe has equity securities related to Delaney Motors and Patrick Electric. During 2020, Ivanhoepurchased 107,000 shares of Delaney Motors for $1,408,000; these shares currently have a fair value of $1,653,000.Ivanhoe' investment in Patrick Electric has not been profitable; the company acquired 50,000 shares of Patrick in April2020 at $19 per share, a purchase that currently has a value of $685,000.1.Prior to 2020, Ivanhoe invested $22,650,000 in Norton Industries and has not changed its holdings this year. Thisinvestment in Norton Industries was valued at $21,427,000 on December 31, 2019. Ivanhoe' 12% ownership of NortonIndustries has a current fair value of $22,257,000 on December 2020.2.

Security Cost Fair value Unrealized Gain(loss) Delaney Motors 1,408,000…

Prepare the appropriate adjusting entries for Ivanhoe as of December 31, 2020, to reflect the application of the "fair value" rule for the securities described above. (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.) Account Titles and Explanation Debit Credit Fair Value Adjustment 20000 Unrealized Holding Gain or Loss - Income 20000

Prepare the appropriate adjusting entries for Ivanhoe as of December 31, 2020, to reflect the application of the "fair value" rule for the securities described above. (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.) Account Titles and Explanation Debit Credit Fair Value Adjustment 20000 Unrealized Holding Gain or Loss - Income 20000

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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