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Current Attempt in Progress On December 21, 2025, Buffalo Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado
Current Attempt in Progress On December 21, 2025, Buffalo Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock December 31, 2025 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. Cost $19,800 9,400 19,800 $49,000 Fair Value Unrealized Gain (Loss) $(900) (900) $18,900 8,500 20,450 $47,850 650 (1,150) 0 $(1,150) During 2026, Colorado Co. stock was sold for $8,960. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $19,000; Buffaloes Co. stock-$20,360. None of the equity investments result in significant influence. Current Attempt in Progress On December 21, 2025, Buffalo Company provided you with the following information regarding its equity investments. During 2026, Colorado Co. stock was sold for $8,960. The fair value of the stock on December 31,2026 , was Clemson Corp. stock$19,000; Buffaloes Co. stock $20,360. None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed on December 31, 2025. (b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. (c) Prepare the adjusting journal entry needed on December 31,2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.)
Current Attempt in Progress On December 21, 2025, Buffalo Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock December 31, 2025 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. Cost $19,800 9,400 19,800 $49,000 Fair Value Unrealized Gain (Loss) $(900) (900) $18,900 8,500 20,450 $47,850 650 (1,150) 0 $(1,150) During 2026, Colorado Co. stock was sold for $8,960. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $19,000; Buffaloes Co. stock-$20,360. None of the equity investments result in significant influence.
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