Question 3 Whispering Winds Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method: Cost Fair value, December 31, 2020 Fair value, December 31, 2021 Fair value, December 31, 2022 $43,600 $48,250 $31,000 $37,250 Prepare the adjusting journal entries needed on December 31, 2020, 2021, and 2022. (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 o for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Determine the balance in accumulated other comprehensive income on the statement of financial position on each of December 31, 2020, 2021, and 2022. (Enter negative amount using either negative sign preceding the number e.g. -45 or parentheses e.g. (45).) December 31, 2020 December 31, 2021 December 31, 2022 Balance at year end SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that Whispering Winds sold its investment in Fahad Corp. on February 13, 2023, for $41,700. Prepare the journal entries needed, including reclassifying holding gains or losses to retained earnings on this date, assuming the investments are in shares and no recycling to net income is recorded. (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 O for the amounts.) Debit Credit Date Account Titles and Explanation Feb. 13, 2023 (To adjust to fair value at date of disposal) Feb. 13, 2023 (To record disposal) Feb. 13, 2023 (To reclassify holding loss) What will be the balance in Accumulated Other Comprehensive Income on December 31, 2023? (If an answer is zero, please enter 0. Do not leave any fields blank.) Balance in Accumulated Other Comprehensive Income $ Question 3 Whispering Winds Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method: Cost Fair value, December 31, 2020 Fair value, December 31, 2021 Fair value, December 31, 2022 $43,600 $48,250 $31,000 $37,250 Prepare the adjusting journal entries needed on December 31, 2020, 2021, and 2022. (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 o for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Determine the balance in accumulated other comprehensive income on the statement of financial position on each of December 31, 2020, 2021, and 2022. (Enter negative amount using either negative sign preceding the number e.g. -45 or parentheses e.g. (45).) December 31, 2020 December 31, 2021 December 31, 2022 Balance at year end SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that Whispering Winds sold its investment in Fahad Corp. on February 13, 2023, for $41,700. Prepare the journal entries needed, including reclassifying holding gains or losses to retained earnings on this date, assuming the investments are in shares and no recycling to net income is recorded. (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 O for the amounts.) Debit Credit Date Account Titles and Explanation Feb. 13, 2023 (To adjust to fair value at date of disposal) Feb. 13, 2023 (To record disposal) Feb. 13, 2023 (To reclassify holding loss) What will be the balance in Accumulated Other Comprehensive Income on December 31, 2023? (If an answer is zero, please enter 0. Do not leave any fields blank.) Balance in Accumulated Other Comprehensive Income $
