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The following information is available for Kinney plc at December 31, 2019 regarding its investment 3,000 ordinary shares of petty cash cost 40,000 fair value
The following information is available for Kinney plc at December 31, 2019 regarding its investment
3,000 ordinary shares of petty cash cost 40,000 fair value 46,000
1,000 preference shares of Dowe incorporated cost 25,000 fair value 22,000
A. Prepare the adjusting entry if any for 2019 assuming the investments are classified as trading
B. Prepare the adjusting entry is any for 2019 assuming the investments are classified as non trading
C. Discuss how the amounts reported in the financial statements are affected by the entries in A and B
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