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Would u please check my answer if it is right if not tell me why and what is the correct answer? Thanks 2 SUPER Assuming
Would u please check my answer if it is right if not tell me why and what is the correct answer? Thanks
2 SUPER Assuming the portfolio is comprised of non-influential equity investments, record the necessary adjusting joumal entries at scal year-ends 2018-2020 Turning Leaves Corporation began operations in 2018. The year-end cost and fair values for its table-for- sale portfolio are as follows: Cost Fast Value December 31, 2018 $250,000 $220,000 December 31, 2019 675,000 715,000 4 December 31, 2020 790,000 SO5,000 1 Account Title Debit Credit Date Dec 31.2018 30,000 Unrealised loss income FV adjustment - Stock vestent 30,000 Record the necessary ADJUSTING JOURNAL ENTRIES at fiscal year ends 2018 - 2020 Dec Account Title Debit Credit 31.2019 40,000 Date Dec 31.2108 FV. adjustment - Stock investment Unrealized in income 40,000 30,000 Unrealized loss Equity FV-Adjustment - Available for sale 30 000 Dec 31 2019 25.000 Unrealed loss income FV-adjustment - Stock investment 25,000 Dec 31, 2018 Linrealized loss Equity Unrealized gain-Equity FV. Adjustment - Available for sale 30.000 40,000 40 70,000 Dec 31 2020 25,000 Unrealised ain Equity FV. Adjustment - Available for sale 25 000Step by Step Solution
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