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On December 12. 2018, an equity investment costing $81,000 was sold for $102,000. The investment was carried in the balance sheet at $76,000, and was
On December 12. 2018, an equity investment costing $81,000 was sold for $102,000. The investment was carried in the balance sheet at $76,000, and was accounted for under the equity method. An error was made in which the total of the sale proceeds was credited to the investment account. Required: 1. & 2. Prepare the following journal entries (ignore income taxes). (If no entry is required for a transaction/event, select "No journal entry requlred" in the first account field.) Journal entry worksheet Prepare the journal entry to correct the error assurming it is discovered before the books are adjusted or closed in 2018. Note Enter debts before credts Event General Journal Debit Credit Record enbry Clear entry View general journa Prey6 of 10Next > Journal entry worksheet Prep are the journal entry to correct the error assuming it is not discovered until early 2019. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general journal
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