Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (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, 2020 Account Titles and Explanation eTextbook and Media Debit Credit
Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (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, 2020 Account Titles and Explanation eTextbook and Media Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![(a)
Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (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 Account Titles and Explanation
Dec. 31,
2020
eTextbook and Media
List of Accounts
Debit
Credit
ENG
46 4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1dc0a468-04d7-4302-bc97-69fedf12ff98%2Fee4111df-06e3-4c31-b631-0aefeffeef8f%2Fb13o3pe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(a)
Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (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 Account Titles and Explanation
Dec. 31,
2020
eTextbook and Media
List of Accounts
Debit
Credit
ENG
46 4
![Current Attempt in Progress
At December 31, 2020, the equity investments of Bramble Inc. that were accounted for using the FV-OCI model without recycling
were as follows:
Investment
Ahn Inc.
Burnham Corp.
Chi Ltd.
Total
Cost and
Carrying Amount
$175,500
122,600
73,000
$371,100
Fair Value
$149,800
140.100
75,100
$365,000
Unrealized
Gain (Loss)
$(25,700 )
17,500
2,100
$(6,100)
Because of a change in relationship with Ahn Inc., Bramble Inc. sold its investment in Ahn for $153,700 on January 20, 2021. No other
investments were acquired or sold during 2021; however, a dividend of $1,300 was received from Burnham Corp. in June. At
December 31, 2021, the fair values of Burnham and Chi shares were $154,800 and $72,200, respectively.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1dc0a468-04d7-4302-bc97-69fedf12ff98%2Fee4111df-06e3-4c31-b631-0aefeffeef8f%2F7lyoptq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
At December 31, 2020, the equity investments of Bramble Inc. that were accounted for using the FV-OCI model without recycling
were as follows:
Investment
Ahn Inc.
Burnham Corp.
Chi Ltd.
Total
Cost and
Carrying Amount
$175,500
122,600
73,000
$371,100
Fair Value
$149,800
140.100
75,100
$365,000
Unrealized
Gain (Loss)
$(25,700 )
17,500
2,100
$(6,100)
Because of a change in relationship with Ahn Inc., Bramble Inc. sold its investment in Ahn for $153,700 on January 20, 2021. No other
investments were acquired or sold during 2021; however, a dividend of $1,300 was received from Burnham Corp. in June. At
December 31, 2021, the fair values of Burnham and Chi shares were $154,800 and $72,200, respectively.
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