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Question 9 (1 point) On August 31, 2021, Prince Corp. made the annual lease payment of $63,000 for its office building. The payment covers the
Question 9 (1 point) On August 31, 2021, Prince Corp. made the annual lease payment of $63,000 for its office building. The payment covers the period of September 1, 2021 to August 31, 2022. Prince Corp. has a year-end of March 31. Assuming the entire amount had originally been debited to Prepaid Lease, the required adjustment at year-end is: DR Lease Expense 36,750 CR Prepaid Lease 36,750 DR Prepaid Lease 36,750 CR Lease Expense 36,750 DR Lease Expense 21,000 CR Prepaid Lease 21,000 DR Prepaid Lease 21,000 CR Lease Expense 21,000 Question 10 (1 point) On December 1, 2021, the general ledger balance of Dolphin Inc.'s stock investment portfolio, which is classified as fair value through net income (FV-NI) is $284,900. On December 31, the controller determines that the fair value of this portfolio should be $312,600. The adjusting entry for the portfolio will include: DR Gain on investments $27,700 CR FV-NI investments $27,700 CR Cash FV-Nl investments $27,700 DR FV-NI investments $27,700
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