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need some assistance on this please? On December 21,2025 , Indigo Company provided you with the following information regarding its equity investments. During 2026, Colorado
need some assistance on this please?
On December 21,2025 , Indigo Company provided you with the following information regarding its equity investments. During 2026, Colorado Co. stock was sold for $8,790. The fair value of the stock on December 31, 2026, was Clemson Corp, stock$19,990; Buffaloes Co stock $21,320. None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed on Decernber 31,2025 . (b) Prepare the journal entry to record the sale of the Colorado Ca 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 outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tides and enter O for the amounts.) During 2026, Colorado Co. stock was sold for $8,790. The fair value of the stock on December 31,2026, was Clemson Corp. stock$19.990; Buffaloes Co. stock $21,320. 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 account titles and enter O for the amounts) Step by Step Solution
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