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Prepare a solution to the following questions using excel. Print the solution and an excel formula page. Part 1 Lynbrook Rentals carries the following investments
Prepare a solution to the following questions using excel. Print the solution and an excel formula page. Part 1 Lynbrook Rentals carries the following investments on its books at December 31, 2019, and December 31, 2020. All securities were purchased during 2019. Trading Securities: Value, Dec. 31, 2019 Value, Dec. 31, 2020 Company Cost ABC Company $25,000 $13,000 $20,000 CBS Company NBC Company $13,000 $20,000 $20,000 $35,000 $30,000 $25,000 Available for Sale Securities: Value, Dec. 31, 2020 Value, Dec. 31, 2019 Company ESPN Company Cost $50,000 $210,000 $130,000 TBS Company $50,000 $60,000 $70,000 Required: (1.) Prepare the necessary adjusting journal entries for Lynbrook Rentals on December 31, 2019, and December 31, 2020. (2.) What net effect, if any, would the valuation of these stock investments have on 2019 net income/OCI? On 2020 net income/OCI
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