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In its first year of business, Starlight Company had the following portfolio of stock investments with 18% ownership: Stock Investments Disney Stock Burger King Stock

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In its first year of business, Starlight Company had the following portfolio of stock investments with 18% ownership: Stock Investments Disney Stock Burger King Stock Volkswagon Stock Cost 10,000 5,000 8,000 Fair Value 13,000 7,000 7,000 Prepare the December 31 adjusting entry to report these investments at fair value. Date GENERAL JOURNAL Account Titles and Explanation Debit Credit In Year 2 Starlight Company had the following portfolio of stock investments with 18% influence. Stock Investments Disney Stock Burger King Stock Volkswagon Stock Cost 10,000 5,000 8,000 Fair Value 12,000 6,000 8,000 Prepare the December 31 adjusting entry to report these investments at fair value. GENERAL JOURNAL Account Titles and Explanation Date Debit Credit

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