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
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 4PB: Identify the financial statement on which each of the following account categories would appear: the...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d13a3f9-65b8-4747-9f71-a51d29a24232%2Fdd10e0bd-aab9-419e-a560-0d2deb3991b9%2Fs2tvm6_processed.png&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d13a3f9-65b8-4747-9f71-a51d29a24232%2Fdd10e0bd-aab9-419e-a560-0d2deb3991b9%2Fjn5ois_processed.png&w=3840&q=75)
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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