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Please help me On December 31, 2019, Pina Colada Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term
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On December 31, 2019, Pina Colada Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: December 31, 2019 Investments Carrying Amount Fair Value Moonstar Corp. shares $20,000 $19,200 Bilby Corp.shares 10,000 9,100 Radius Ltd. shares 20,200 20.800 Total portfolio $50,200 $49,100 During 2020, the Bilby Corp. shares were sold for $9,500. The fair values of the securities on December 31, 2020, were as follows: Moonstar Corp. shares $19,500 and Radius Ltd. shares $20,700. The company does not recognize and report dividends and other components of investment gains and losses separately. Prepare the adjusting journal entry needed on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit u 1100 1100 e Textbook and Media List of Accounts Prepare the journal entry to record the sale of the Bilby Corp. shares during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the adjusting journal entry needed on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of AccountsStep by Step Solution
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