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Could you please help me out to fill in some blanks for the adjusting entry and balance sheet? Tuesday, April 26, 2016 10:54 AM Problem
Could you please help me out to fill in some blanks for the adjusting entry and balance sheet?
Tuesday, April 26, 2016 10:54 AM Problem 12-3A On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Shares Cost Gehring Co. 1,830 $51,240 Wooderson Co. 4,860 38,880 Kitselton Co. 1,610 28,980 On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred. Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,458 shares of Wooderson Co. common stock for cash at $7 per share. Oct. 1 Sold 732 shares of Gehring Co. common stock for cash at $31 per share. Nov. 1 Received $1 per share cash dividend on Kitselton Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock. Dec. 31 Received $1 per share annual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $7, and Kitselton Co. $16. Prepare the adjusting entry at December 31, 2018, to show the securities at fair value. The stock should be classified as available-for-sale securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Page 1 Page 2Step by Step Solution
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