Irving Inc.s non-strategic investment portfolio at December 31, 2022, consisted of the following: *The fair value adjustments

Question:

Irving Inc.’s non-strategic investment portfolio at December 31, 2022, consisted of the following:

*The fair value adjustments were recorded on December 31, 2022.

Irving Inc. had no debt and equity investments at December 31, 2022, other than those shown above. During 2023, Irving engaged in the following transactions:

Required

1. Calculate the total fair value adjustment that was recorded on December 31, 2022.

2. Journalize the 2023 transactions as detailed above.

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Fundamental Accounting Principles Volume 2

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Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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Question Posted: Jun 02, 2023 07:03 AM

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Irving Inc.s non-strategic investment portfolio at December 31, 2022, consisted of the following: *The fair value adjustments

Question:

Debt and Equity Investments* 50,000 Cumber Corp. common shares.... 18,000 Olds Inc. common shares........... 45,000 Waters Corp. common shares............ Cost Fair Value $138,000 $145,000 124,200 118,900 265,500 261,000

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Part 1 On December 31 2022 a total Investment Loss of 2800 was recorded calculated as follows Nonstr...View the full answer

Fundamental Accounting Principles Volume 2

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