Question
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 31, Mars Company had
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 Apple stock Cost $ 6,500 Fair value $ 8,600 Chipotle stock Under Armour stock 3,300 12,800 1,800 14,300 Exercise 15-10 (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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