Please provide the journal entries for the following.

1:Angel Company purchases a portfolio of passive equity investments on January 1, 2021 for $291,650. On April 15, 2021 Angel s sold stocks from its portfolio. Those stocks had a cost basis of $78,125 and were sold for $82,400. On June 20, 2021, the firm purchased additional passive equity securities for $79,760. The firm received cash dividends on October 30, 2021 of $20,845. the fair value of the portfolio was $303,800 on December 30, 2021.

provide the missing Journal information in the table below.

Answer:

Account Name Entry Amount DR/CR/NA

1/1/21 Equity Investments $

4/15/21 Gain/Loss on Sale $

10/31/21 Dividend Revenue $

12/31/21 Fair Value Adjustment $

2. Angel Company purchases 900 shares of Microsoft stock for $47.65 per share on June 20, 2020. The market price for the shares is $52.30 on December 31, 2020 and $48.35 on December 31, 2021.Provide the fair value adjusting entry information using the table below for December 31, 2020 and December 31, 2021.

Answer:

Account Name Entry Amount DR/CR/NA

12/31/20 fair value adjustment $

Unrealized holding G/L $

12/31/21 Fair Value Adjustment $

Unrealized holding G/L $

3. Angel Company owns debt investments that are classified as trading. The investments were originally acquired for $155,000 on January 1, 2019 and have a par value of $150,000. on December 31, 2019, the investments had an amortized cost of $154,500 and a fair value of $156,100. on December 31, 2020, the investment had an amortized cost of $154,000 and a fair value of $156,900.

On December 31, 2020 Angel Company will report the following account balance information related to its debt investments.

Answer:

Account Name Section Amount

Debt Investments $

Fair Value Adjustment $

Unrealized Holding Gain or Loss $