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Blue Spruce Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted
Blue Spruce Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before adjustment) Investments Fair Value 1,400 shares of David Jones Inc., common $78,000 $73,600 6,000 shares of Hearn Corp., common 186,000 178,000 350 shares of Alessandro Inc., preferred 52,500 54,800 $316,500 $306,400 In 2020, Blue Spruce completed the following securities transactions: Mar. 1 Sold the 1,400 shares of David Jones Inc. common at $47 per share, less fees of $600. Apr. 1 Bought 50 Oberto Ltd. mmon at $77 per share, plus fees of $1,200. Blue Spruce Corporation's portfolio of trading securities appeared as follows on December 31, 2020: Original Cost Investments Fair Value 6,000 shares of Hearn Corp., common $186,000 $178,000 500 shares of Oberto Ltd., common 38,500 36,600 350 shares of Alessandro Inc., preferred 52,500 50,100 $277,000 $264,700 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately. Prepare the Blue Spruce Corporation general journal entry to record the adjusting entry for 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.) Account Titles and Explanation Debit Credit
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