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Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following Delit and Equity Investments 10, 300 Xavier Corp, common shares 1,400
Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following Delit and Equity Investments 10, 300 Xavier Corp, common shares 1,400 Young Inc. common shares 123,000 Zed Corp. common shares Cost $168,405 Fair Value $149,358 72,500 "The fair value adjustments were recorded on December 31, 2022 69,440 36,500 Johnson had no other debt and equity investments at December 31, 2022, other than those shown above. During 2023; Johnson engaged in the following transactions 2023 Jan.17 Sold 900 common shares of Young Inc. for $43,200. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 5,300 common shares of Allen Corp. for $318,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $2.00 per share. Aug-14 Sold the remaining Young Inc. shares at $31.00. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 10,300 common shares at a total of $91,670. Johnson Inc. will sell these shares in six to nine months. Dec.30 Sold 10, 300 shares of Xavier Corporation for $164,500. Dec. 31 Allen Corp. announced a net profit of $281,500 for the year. Required: Journalize the above transactions. View transaction list Journal entry worksheet 12 3 4 6 Record the sale of equity investment. Note: Enter debits before credits. Date Jan 17, 2023 General Journal Debit Credit Record entry Clear entry View general journal Analysis Component Assume the Allen Corp. shares were sold on January 16, 2024, for $367,000 Calculate the investment income or loss and select whether it is unrealized/realized?
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