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The following information is available for Coronado plc at December 31, 2022, regarding its investments. Securities 2,600 ordinary shares of Petty Company 1,100 preference shares of Dowe Inc. Account Titles and Explanation Fair Value Adjustment Cost £43,400 22,600 (a) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as trading. (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.) Unrealized Holding Gain or Loss -Income £66,000 Fair Value £50,300 20,000 £70,300 Debit 4300 Credit 4300 (b) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as non-trading. (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.)

The following information is available for Coronado plc at December 31, 2022, regarding its investments. Securities 2,600 ordinary shares of Petty Company 1,100 preference shares of Dowe Inc. Account Titles and Explanation Fair Value Adjustment Cost £43,400 22,600 (a) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as trading. (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.) Unrealized Holding Gain or Loss -Income £66,000 Fair Value £50,300 20,000 £70,300 Debit 4300 Credit 4300 (b) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as non-trading. (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.)

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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Your answer is partially correct. The following information is available for Coronado plc at December 31, 2022, regarding its investments. Securities 2,600 ordinary shares of Petty Company 1,100 preference shares of Dowe Inc. Account Titles and Explanation Fair Value Adjustment Unrealized Holding Gain or Loss -Income Cost Account Titles and Explanation Fair Value Adjustment £43,400 (a) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as trading. (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.) Unrealized Holding Gain or Loss - Equity 22,600 £66,000 Fair Value £50,300 20,000 £70,300 Debit 4300 (b) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as non-trading. (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.) Debit Credit 4300 4300 Credit 4300
Transcribed Image Text:Your answer is partially correct. The following information is available for Coronado plc at December 31, 2022, regarding its investments. Securities 2,600 ordinary shares of Petty Company 1,100 preference shares of Dowe Inc. Account Titles and Explanation Fair Value Adjustment Unrealized Holding Gain or Loss -Income Cost Account Titles and Explanation Fair Value Adjustment £43,400 (a) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as trading. (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.) Unrealized Holding Gain or Loss - Equity 22,600 £66,000 Fair Value £50,300 20,000 £70,300 Debit 4300 (b) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as non-trading. (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.) Debit Credit 4300 4300 Credit 4300
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