Siegal Investments purchased Demer shares as a trading security on December 16 for $109,000. 1. Suppose the
Question:
1. Suppose the Demer shares decreased in value to $100,000 at December 31. Make the Siegal journal entry to adjust the Short-Term Investment account to market value.
2. Show how Siegal would report the short-term investment on its balance sheet and the unrealized gain or loss on its income statement.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Unrealized ...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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