Short term:Blair, Inc.ANC CorporationTotalsLong term:Drake CorporationAaron IndustriesTotalsRequired 1 Required 2View transaction listCostRequired:1. Prepare appropriate adjusting entries at December 31, 2021.2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?<Fair Value$ 494,000 $ 398,000457,000494,000$ 951,000 $ 892,000Complete this question by entering your answers in the tabs below.1$ 494,000 $ 567,000713,000 667,000$1,207,000 $1,234,000Prepare appropriate adjusting entry at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)Journal entry worksheetDateDecember 31,2021Record the adjusting entry for December 31, 2021.Note: Enter debits before credits.Gain (Loss)$ (96,000)37,000$(59,000)$ 73,000(46,000)$ 27,000General JournalDebitCredit Required:1. Prepare appropriate adjusting entries at December 31, 2021.2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?Complete this question by entering your answers in the tabs below.Required 1 Required 2What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?Amount< Required 1Required 2 >

Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record business transactions. It plays vital role in accounting cycle.Requirement:-1 Preparation of appropriate journal entries as follows under:- Date Accounting tittles and explanations Debit Credit Dec 31, 2021 Unrealized Holding Loss - OCI $ 32,000 Fair Value Adjustment $ 32,000 (To record fair value adjustment) $59,000-$27,000 Requirement:-2 None, Nothing will be reported on income statement, Will be reported as part of stockholder's Equity.

Answered: Required: 1. Prepare appropriate…

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Required: 1. Prepare appropriate adjusting entries at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?

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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Question

Short term:
Blair, Inc.
ANC Corporation
Totals
Long term:
Drake Corporation
Aaron Industries
Totals
Required 1 Required 2
View transaction list
Cost
Required:
1. Prepare appropriate adjusting entries at December 31, 2021.
2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?
<
Fair Value
$ 494,000 $ 398,000
457,000
494,000
$ 951,000 $ 892,000
Complete this question by entering your answers in the tabs below.
1
$ 494,000 $ 567,000
713,000 667,000
$1,207,000 $1,234,000
Prepare appropriate adjusting entry at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
Journal entry worksheet
Date
December 31,
2021
Record the adjusting entry for December 31, 2021.
Note: Enter debits before credits.
Gain (Loss)
$ (96,000)
37,000
$(59,000)
$ 73,000
(46,000)
$ 27,000
General Journal
Debit
Credit

Required:
1. Prepare appropriate adjusting entries at December 31, 2021.
2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry?
Amount
< Required 1
Required 2 >

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