8b Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had nostock investments in prior periods.1NoStock InvestmentsApple stockChipotle stockUnder Armour stockExercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4Prepare the December 31 adjusting entry to report these investments at fair value.Cost$ 5,3003,40010,100DateDecember 31Fair Value$ 9,3001,50014,600Stock investmentsStock investmentsAnswer is not complete.General JournalStock investmentsUnrealized gain-IncomeⓇDebit4,0004,500Credit1,9006,600X

adjusting entry for investment at fair value are as follows

Required information. Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock: Cost $5,300 3,400 10,100 Fair Value $9,300 1,500 14,600 ercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4

Required information. Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock: Cost $5,300 3,400 10,100 Fair Value $9,300 1,500 14,600 ercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4

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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