Question
SnowCap Corp. has the following portfolio of common shares (without significant influence) at December 31, 2020: Investment Fair Value Cost Skiis R Us.$360,000$431,250 Outdoor Ltd.67,500465,000
SnowCap Corp. has the following portfolio of common shares (without significant influence) at December 31, 2020:
Investment Fair ValueCost
Skiis R Us.$360,000$431,250
Outdoor Ltd.67,500465,000
Carlton Corp.90,000165,000
Total$517,500$1,061,250
Provide the entry to record the year-end adjustment for these investments, assuming SnowCap uses one control account and has adopted the FV-NI model.
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Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
