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Pronghorn Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Horton, Inc. common (5,490 shares) Monty, Inc. preferred (3,670 shares) Oakwood Corp. common (920 shares) Cost $230,580 132,120 171,120 Fair Value $215,850 138,580 170,090 On October 10, 2025, the Horton shares were sold at a price of $56 per share. In addition, 2,750 shares of Patriot common stock were acquired at $57.00 per share on November 2, 2025. The December 31, 2025, fair values were Monty $104,680, Patriot $124,190, and Oakwood $184,410. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2025. None of these investments represents significant influence. The Fair Value Adjustment account has a zero balance prior to September 30, 2025. (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. Record journal entries in the order presented in the problem.)

Pronghorn Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Horton, Inc. common (5,490 shares) Monty, Inc. preferred (3,670 shares) Oakwood Corp. common (920 shares) Cost $230,580 132,120 171,120 Fair Value $215,850 138,580 170,090 On October 10, 2025, the Horton shares were sold at a price of $56 per share. In addition, 2,750 shares of Patriot common stock were acquired at $57.00 per share on November 2, 2025. The December 31, 2025, fair values were Monty $104,680, Patriot $124,190, and Oakwood $184,410. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2025. None of these investments represents significant influence. The Fair Value Adjustment account has a zero balance prior to September 30, 2025. (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. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING
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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Pronghorn Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Horton, Inc. common (5,490 shares) Monty, Inc. preferred (3,670 shares) Oakwood Corp. common (920 shares) Cost $230,580 Date 132,120 171,120 Fair Value $215,850 138,580 On October 10, 2025, the Horton shares were sold at a price of $56 per share. In addition, 2,750 shares of Patriot common stock were acquired at $57.00 per share on November 2, 2025. The December 31, 2025, fair values were Monty $104,680, Patriot $124,190, and Oakwood $184,410. 170,090 Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2025. None of these investments represents significant influence. The Fair Value Adjustment account has a zero balance prior to September 30, 2025. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit SUPPO
Transcribed Image Text:Pronghorn Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Horton, Inc. common (5,490 shares) Monty, Inc. preferred (3,670 shares) Oakwood Corp. common (920 shares) Cost $230,580 Date 132,120 171,120 Fair Value $215,850 138,580 On October 10, 2025, the Horton shares were sold at a price of $56 per share. In addition, 2,750 shares of Patriot common stock were acquired at $57.00 per share on November 2, 2025. The December 31, 2025, fair values were Monty $104,680, Patriot $124,190, and Oakwood $184,410. 170,090 Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2025. None of these investments represents significant influence. The Fair Value Adjustment account has a zero balance prior to September 30, 2025. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit SUPPO
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