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At December 31, 2023, the equity investments of Monty Inc. that were accounted for using the FV-OCI model without recycling were as follows: Because of
At December 31, 2023, the equity investments of Monty Inc. that were accounted for using the FV-OCI model without recycling were as follows: Because of a change in relationship with Ahn, Monty sold its investment in Ahn for $153,900 on January 20, 2024. No other investments were acquired or sold during 2024 ; however, a dividend of $1,400 was received from Burnham in June. At December 31 , 2024 , the fair values of Burnham and Chi shares were $152,400 and $72,200, respectively. (a) Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2023. (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. List debit entry before credit entry.)
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