At December 31, 2024, the trading investments for Yanik Inc. are as follows: Instructions a. Prepare the

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At December 31, 2024, the trading investments for Yanik Inc. are as follows: 


Instructions 

a. Prepare the adjusting entries required at December 31 to report the above investments at fair value. 

b. Show the financial statement presentation of the investments and the holding gains and losses that result from fair value adjustments at December 31, 2024. (Ignore income tax.) 

c. Assuming that on March 20, 2025, Yanik sold Co. B preferred shares for $13,500, prepare the journal entry to record this transaction.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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