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At December 31, 2020, the equity investments of Martinez Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Cost
At December 31, 2020, the equity investments of Martinez Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Cost and Carrying Amount Fair Value Unrealized Gain (Loss) Ahn Inc. $174,800 $149,800 $(25,000) Burnham Corp. 121,100 139,300 18.200 Chi Ltd. 73,300 75,100 1,800 Total $369,200 $364,200 $(5,000) Because of a change in relationship with Ahn Inc, Martinez Inc. sold its investment in Ahn for $154,100 on January 20, 2021. No other investments were acquired or sold during 2021; however, a dividend of $1,400 was received from Burnham Corp. in June. At December 31, 2021, the fair values of Burnham and Chi shares were $154,600 and $72,400, respectively. (a) Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31, 2020
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