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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8b
![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.
1
No
Stock Investments
Apple stock
Chipotle stock
Under Armour stock
Exercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4
Prepare the December 31 adjusting entry to report these investments at fair value.
Cost
$ 5,300
3,400
10,100
Date
December 31
Fair Value
$ 9,300
1,500
14,600
Stock investments
Stock investments
Answer is not complete.
General Journal
Stock investments
Unrealized gain-Income
Ⓡ
Debit
4,000
4,500
Credit
1,900
6,600X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fadd7ce72-2b55-46d5-8700-33a26bd2dfcf%2Ff0adf59e-6b08-4a11-bbc1-5231810bb1cb%2F3wq8qs_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
1
No
Stock Investments
Apple stock
Chipotle stock
Under Armour stock
Exercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4
Prepare the December 31 adjusting entry to report these investments at fair value.
Cost
$ 5,300
3,400
10,100
Date
December 31
Fair Value
$ 9,300
1,500
14,600
Stock investments
Stock investments
Answer is not complete.
General Journal
Stock investments
Unrealized gain-Income
Ⓡ
Debit
4,000
4,500
Credit
1,900
6,600X
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