Recording Entries for Equity Investment FV.NI Adjust A Sale and Year End December 31, 2019. the portfolio of investments in guty securities are at held by sincs as follows Cut Value Gain 100.000 100.000 .000 One . 2010. Antes do shares of Spartan stock for 33 per share and 200 shares of W atch for 55 per here Artes inc. purchased 800 shares of Gopher C o ok 35 pershan August 1, 2020. The fair value of the remaining to held on December 2000, salows Badger common stock 584.000 Spartan common stock 872000 Wildcat common 541.600 and Gopher common stock 28.800 Prepare the entry for the sale of Spartan and wildcat common stone 1.2020 Prior to recording the sale on the investments to ar alumine thea ted for a ment balancesponse of the ements cord the purchase of common on August 1, 2020 Prepare any adjusting entry needed on December 31, 2000 Note s Note Dentround or credits when applicati in alphabetical order your answers, Round your final answers to the nearest whole della Badger Common Stock 1.000 shares) Spartan Common Stock 1.600 shares) Wildcat Common Stock (500 shares) $80,000 $79.000 100.000 102.000 50,000 47.000 5230.000 $221.000 1.000) 2.000 30001 2.000) On June 1, 2020, Athletes Inc. sold 800 shares of Spartan stock for $33 per share and 200 shares of Wildcat stock for $55 per share. Athletes inc. purchased 800 shares of Gopher common stock for $35 per share on August 1, 2020. The fair value of the remaining stock held on December 31, 2020, is as follows: Badger common stock, 584,000; Spartan common stock, $72,000: Wildcat common stock, $41,600, and Gopher common stock, 128,800. a. Prepare the entry for the sale of Spartan and Wildcat common stock on June 1.2020. Prior to recording the sale, update the investments to fair value. Eliminate the associated Fair Val Adjustment balances upon sale of the investments b. Record the purchase of Gopher common stock on August 1.2020 c. Prepare any adjusting entry needed on December 31020. . Note: Ust multiple debitor credits when applicable alphabetical order Note: Do not round until your final answers. Round your final answers to the nearest whole dollar June 1,2070 To Spartan n o face value June 1, 2020 To record sale of So v etment To adjust Widati e nt to fit value June 1, 2020 To record sale of Wildcat i stment Recording Entries for Equity Investment FV.NI Adjust A Sale and Year End December 31, 2019. the portfolio of investments in guty securities are at held by sincs as follows Cut Value Gain 100.000 100.000 .000 One . 2010. Antes do shares of Spartan stock for 33 per share and 200 shares of W atch for 55 per here Artes inc. purchased 800 shares of Gopher C o ok 35 pershan August 1, 2020. The fair value of the remaining to held on December 2000, salows Badger common stock 584.000 Spartan common stock 872000 Wildcat common 541.600 and Gopher common stock 28.800 Prepare the entry for the sale of Spartan and wildcat common stone 1.2020 Prior to recording the sale on the investments to ar alumine thea ted for a ment balancesponse of the ements cord the purchase of common on August 1, 2020 Prepare any adjusting entry needed on December 31, 2000 Note s Note Dentround or credits when applicati in alphabetical order your answers, Round your final answers to the nearest whole della Badger Common Stock 1.000 shares) Spartan Common Stock 1.600 shares) Wildcat Common Stock (500 shares) $80,000 $79.000 100.000 102.000 50,000 47.000 5230.000 $221.000 1.000) 2.000 30001 2.000) On June 1, 2020, Athletes Inc. sold 800 shares of Spartan stock for $33 per share and 200 shares of Wildcat stock for $55 per share. Athletes inc. purchased 800 shares of Gopher common stock for $35 per share on August 1, 2020. The fair value of the remaining stock held on December 31, 2020, is as follows: Badger common stock, 584,000; Spartan common stock, $72,000: Wildcat common stock, $41,600, and Gopher common stock, 128,800. a. Prepare the entry for the sale of Spartan and Wildcat common stock on June 1.2020. Prior to recording the sale, update the investments to fair value. Eliminate the associated Fair Val Adjustment balances upon sale of the investments b. Record the purchase of Gopher common stock on August 1.2020 c. Prepare any adjusting entry needed on December 31020. . Note: Ust multiple debitor credits when applicable alphabetical order Note: Do not round until your final answers. Round your final answers to the nearest whole dollar June 1,2070 To Spartan n o face value June 1, 2020 To record sale of So v etment To adjust Widati e nt to fit value June 1, 2020 To record sale of Wildcat i stment
