Dynamic Express Inc. prepared the summary shown below regarding its investments on December 31, 2020, its year-end.

Question:

Dynamic Express Inc. prepared the summary shown below regarding its investments on December 31, 2020, its year-end. Prepare the appropriate entry on December 31, 2020, to record the fair value adjustment.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Dec 18, 2019 06:26 AM

See More Questions

Delware Inc. prepared the summary shown below regarding its investments on December 31, 2014, its year-end. Prepare the appropriate entry on December 31, 2014, to record the impairmentadjustment....
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2012...
Below are selected T-accounts for the RunnerTech Company. Below are selected T-accounts for the RunnerTech Company. Required: Complete the following journal entries and answer the following...
Calculate the directional derivative in the direction of v at the given point. Remember to use a unit vector in your directional derivative computation. g(x, y, z) = xe-y, v = (1, 1, 1), P = (1,2,0)
How many different three-letter initials can people have?
Based on the information given here, suggest a problem that could cause an Al system to give poor results.
What is meant by reserve borrowing capacity, and why is it important to firms? AppendixLO1
Jerry O. Peavy, Jr., who did not have a bank account of his own, received a draft from CNL Insurance America in the amount of $5,323.60. The draft was drawn on CNLs account at Bank South, N.A., and...
3 Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from...
Claro Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established: During December, 78,000...
Is the FVTPL category used when management plans to hold investments to maturity or if they plan to actively trade the debt investments?
The cost and fair value of non-strategic investments of International Journalist Corporation on December 31, 2020, and December 31, 2021, are as follows: Required 1. Prepare the fair value adjustment...
How many possible outcomes are there when a coin is tossed six times?
Module 1 1. There has been a rise in cases of measles in RI. The RI Health Department is wondering if the rate of MMR vaccinations has declined since the start of the COVID-19 pandemic. The...
Determine the magnitude of the magnetic flux through the south-facing window of a house in British Columbia, where Earth's B field has a magnitude of 5.8 x 10-5T and the direction of B field is 72...
A wedge with an inclination of angle rests next to a wall. A block of mass m is sliding down the plane, as shown. There is no friction between the wedge and the block or between the wedge and the...
Conner Leonard worked for Purges Manufacturing for 32 years. Along with four other men, he helped to start the company that designed and built products sold around the world. Purges Manufacturing...
Reconsider the collision between two objects diagrammed below where two objects move on a frictionless surface. Before collision After collision Experiment 1 A, 1 B A B Draw complete and properly...
Why are reasonable attorneys fees acceptable as part of a sum certain? Surely nothing can be less certain.
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected...
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Make a decision. .........Review results of the decision....
Managerial accounting techniques can be used in a wide variety of settings. As we have frequently pointed out, you can use them in many personal situations. They also can be useful in trying to find...
Managerial accounting techniques can be used in a wide variety of settings. As we have frequently pointed out, you can use them in many personal situations. They also can be useful in trying to find...
If $8000 is deposited at the end of each half year in an account that earns 6.4% compounded semiannually, after how many half years will the account contain $110,000? (Round your answer UP to the...
When a loan agreement restricts a company from distributing its entire balance of retained earnings as dividends to shareholders, restricted retained earnings must be reported separately from...
1) A portfolio consists of 3 securities have the following characteristics in terms of standard deviation, proportion of investment and correlation coefficient. Security Standard deviation...

Dynamic Express Inc. prepared the summary shown below regarding its investments on December 31, 2020, its year-end.

Question:

Unadjusted Balance at Dec. 31/20 Fair Values at Dec. 31/20 Non-Strategic Investments Zelco shares. IMC shares. $102,000 $ 98,000 540,000 547,000 48,000 Petra shares 96,000

Step by Step Answer:

2020 Dec 31 Investment IMC Shares 7000 Investment Income Loss 45000 Investment Zelco Sha...View the full answer

Fundamental Accounting Principles Volume II

Students also viewed these Business questions