10. please answer part b thanks Prepare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles are automatically indented whenthe 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.List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit On December 31, 2022, Bridgeport Corp. provided you with the following pre-adjustment information regarding its portfolio ofinvestments held for short-term profit-taking:InvestmentsMoonstar Corp. sharesBilby Corp. sharesRadius Ltd. sharesTotal portfolio(a)Carrying Amount$18,000Your Answer Correct AnswerYour answer is correct.December 31, 20229,00018,000$45,000Investment Income or LossFV-NI InvestmentsDuring 2023, the Bilby shares were sold for $8,500. The fair values of the securities on December 31,2023, were as follows: Moonstarshares $17,900 and Radius shares $18,400. The company does not recognizeand report dividends and other components ofinvestment gains and losses separately.Account Titles and ExplanationFair Value$17,1008,10018,500Prepare the adjusting journal entry needed on December 31, 2022. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debitentry before credit entry.)$43,700Debit1300Credit1300

Gain on sale of short-term investments = Sale value - Fair value

repare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles are automatically indented when he 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. ist all debit entries before credit entries.) Account Titles and Explanation Debit Credit

repare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles are automatically indented when he 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. ist all debit entries before credit entries.) Account Titles and Explanation Debit Credit

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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