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i need the entry and table of the first elemnt investiment , cost , fair value , unerlized gain/loss like this picture below the question
i need the entry and table of the first elemnt investiment , cost , fair value , unerlized gain/loss like this picture below the question
Special Assignment Problem Marks: 5 Presented below is information related to the purchases of common stock by Lilly Company during 2017. Investments Cost (at purchase date) Fair Value (at December, 31) Investment in Arroyo Company stock $100,000 $ 80,000 Investment in Lee Corporation stock 250,000 300,000 Investment in Woods Inc. stock 180,000 190,000 Total $530,000 $570,000 - During 2018 Woods Inc stock was sold for 190,000. The fair value of remaining stocks as on December 31 2018 was, Arroyo Company stock 90,000; Lee Corporation stock - 290,000. Requirement: (a) Prepare the fair value adjustment entry as on December 31, 2017 (b) Prepare the journal entry to record the sale of the Woods Inc stock during 2018. (c) Prepare the fair value adjustment entry as on December 31, 2018. Loss on sale 10,ooo Investiments Cost Fair value Arrox co.stock 100,000 Lee corporation stock 250,000 0,000 290,ooo inrealized gain! loss (10,000) 40,000 380,000 30,000 570,000 Total Profit folio 350,000 Previous fair value Add cr Fair value adjustment 19ooor or Step by Step Solution
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