Use the data given in S16–7. On August 4, 2021, Marsland Inc. sold its investment in Crew Ltd. for $54.00 per share.

1. Journalize the sale, excluding any brokerage commission expense. No explanation is required.

2. How does the gain or loss that you recorded differ from the gain or loss that was recorded at December 31, 2020 (in S16–7)?

S16–7.

At what amount should the following investment portfolio be reported on the December 31 year-end balance sheet? All the investments are less than 5 percent of the investee’s shares. Prepare one adjusting journal entry for the portfolio rather than making separate journal entries.

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Shares Carrying Value Fair Value (Market value) All Seasons Hotels $88,000 $97,000 Tent Manufacturing Corp. 140,000 124,000 East End Grocers Inc. 74,000 76,000