Question
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 31, Mars
!
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods.
Stock Investments | Cost | Fair Value |
---|---|---|
Apple stock | $ 5,900 | $ 8,200 |
Chipotle stock | 3,100 | 3,000 |
Under Armour stock | 11,100 | 13,900 |
Exercise C-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4
Prepare the December 31 adjusting entry to report these investments at fair value.
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