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The following information is available for Cullumber Company at December 31, 2025, regarding its investments: Securities 500 shares of Oriole Corporation common stock 7,600 shares of Blue Spruce Corporation preferred stock The company did not have any investments prior to 2025. Your answer is partially correct. Account Titles and Explanation Fair Value Adjustment Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Unrealized Holding Gain or Loss-Equity Cost eTextbook and Media $27,000 648,000 $675,000 Fair Value $41,000 621,000 $662,000 Debit 13000 Credit 13000

The following information is available for Cullumber Company at December 31, 2025, regarding its investments: Securities 500 shares of Oriole Corporation common stock 7,600 shares of Blue Spruce Corporation preferred stock The company did not have any investments prior to 2025. Your answer is partially correct. Account Titles and Explanation Fair Value Adjustment Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Unrealized Holding Gain or Loss-Equity Cost eTextbook and Media $27,000 648,000 $675,000 Fair Value $41,000 621,000 $662,000 Debit 13000 Credit 13000

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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The following information is available for Cullumber Company at December 31, 2025, regarding its investments: Securities 500 shares of Oriole Corporation common stock 7,600 shares of Blue Spruce Corporation preferred stock The company did not have any investments prior to 2025. Your answer is partially correct. Account Titles and Explanation Fair Value Adjustment Unrealized Holding Gain or Loss-Equity Cost eTextbook and Media $27,000 648,000 $675,000 Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Fair Value $41,000 621,000 $662,000 Debit 13000 Credit 13000
Transcribed Image Text:The following information is available for Cullumber Company at December 31, 2025, regarding its investments: Securities 500 shares of Oriole Corporation common stock 7,600 shares of Blue Spruce Corporation preferred stock The company did not have any investments prior to 2025. Your answer is partially correct. Account Titles and Explanation Fair Value Adjustment Unrealized Holding Gain or Loss-Equity Cost eTextbook and Media $27,000 648,000 $675,000 Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Fair Value $41,000 621,000 $662,000 Debit 13000 Credit 13000
Indicate how the amounts reported in the financial statements are affected by the entries in (a). The The eTextbook and Media List of Accounts account is reported in the income statement under " account is added to the cost of the account on the balance sheet to arrive at
Transcribed Image Text:Indicate how the amounts reported in the financial statements are affected by the entries in (a). The The eTextbook and Media List of Accounts account is reported in the income statement under " account is added to the cost of the account on the balance sheet to arrive at
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