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The following information is available for Quigley Company at December 31, 2025, regarding its investments: Securities Cost Fair Value 500 shares of Runner Corporation common stock $25,000 $40,000 7,000 shares of Sher-tor Corporation preferred stock $650,000 $620,000 $675,000 $660,000 The company did not have any investments prior to 2025. Instructions Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK

The following information is available for Quigley Company at December 31, 2025, regarding its investments: Securities Cost Fair Value 500 shares of Runner Corporation common stock $25,000 $40,000 7,000 shares of Sher-tor Corporation preferred stock $650,000 $620,000 $675,000 $660,000 The company did not have any investments prior to 2025. Instructions Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK

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 Quigley Company at December 31, 2025, regarding its investments: Securities 500 shares of Runner Corporation common stock 7,000 shares of Sher-tor Corporation preferred stock The company did not have any investments prior to 2025. Instructions Cost Fair Value $25,000 $40,000 $650,000 $620,000 $675,000 $660,000 Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK
Transcribed Image Text:The following information is available for Quigley Company at December 31, 2025, regarding its investments: Securities 500 shares of Runner Corporation common stock 7,000 shares of Sher-tor Corporation preferred stock The company did not have any investments prior to 2025. Instructions Cost Fair Value $25,000 $40,000 $650,000 $620,000 $675,000 $660,000 Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK
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