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Expedia has the following balances for its marketable equity securities that it holds with no significant influence; 12/31/2018 12/31/2019 Fair value of ending balance of
Expedia has the following balances for its marketable equity securities that it holds with no significant influence; 12/31/2018 12/31/2019 Fair value of ending balance of $129 million investments $119 million Cost basis = $273 million as of 12/31/2019 Assume Expedia purchased $2 million of marketable equity securities with no significant influence during 2019. No sales were made during 2019. 1. Recreate Expedia's journal entries for the 2019 related to the purchase and any additional entries needed For any journal entries you create, answer the following questions: 2. How much does net income increase or decrease by from that entry? 3. How much do total assets, liabilities, and equity increase/decrease by from that entry
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